Arbitrum’s Security Council Can Move a Wallet’s Funds Without Its Key, Binance Freeze Shows

Arbitrum’s Security Council did not need the private key of the address it emptied on Oct. 30, according to a walkthrough Zealynx posted Nov. 2 on the Ethereum Magicians forum. At 8:08 a.m. Hong Kong time, the council took 74,559,805.2 ARB and about 8,426 ETH off that address, which its notice said was “identified with today’s Binance exploit.” The council had done the same in April. Its April notice says it moved more than 30,765 ETH that the KelpDAO exploiter held on Arbitrum One, a freeze Unchained covered at the time. Steven Goldfeder , co-founder and CEO of Offchain Labs, which develops Arbitrum, said on Unchained’s Uneasy Money in July that the council’s role in the April action was by design.

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