Binance Proposes ArbitrumDAO Return Frozen ETH and ARB

on November 5, according to The Defiant, Binance has submitted a draft constitutional amendment proposal to ArbitrumDAO, requesting the return of 8,425.997 ETH and approximately 74.56 million ARB tokens that were frozen after its hot wallet was attacked.

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

Binance stated that it will cover the losses of affected users through the SAFU fund and corporate reserves. The returned assets can be used to cover event-related losses and costs, including replenishing reserves already used for compensation. The proposal does not request additional allocations from the DAO treasury.