Binance Proposes That ArbitrumDAO Return Frozen ETH and ARB

Shenchao TechFlow reported on November 5 that, according to The Defiant, Binance has submitted a draft constitutional amendment proposal to ArbitrumDAO, requesting the return of 8425.997 ETH and approximately 74.56 million ARB frozen after a hot wallet attack.

The relevant assets remain frozen and have not yet been returned to Binance. The proposal is currently in the forum discussion stage and will subsequently require a Snapshot temperature vote and an on-chain vote; Binance expects the entire governance process to take approximately seven weeks or longer.

Binance stated that it will cover losses for affected users through the SAFU fund and company reserves. The returned assets can be used to absorb incident-related losses and costs, including replenishing reserves already used for compensation. The proposal does not request a new allocation from the DAO treasury.

Source: Shenchao TechFlow