Binance Seeks Unfreezing of Over $31 Million in ETH and ARB from ArbitrumDAO

Odaily reports: In response to the hot wallet exploit incident, Binance has submitted a constitutional proposal to ArbitrumDAO, requesting the recovery of 8,426 ETH and 74.56 million ARB (totaling over $31 million) that were previously emergency-frozen on Arbitrum One. The funds are intended to replenish the SAFU fund and reserves that have already been used to advance user compensation, without requesting additional funds from the DAO. Since the unfreezing requires authorization through DAO on-chain governance voting—encompassing forum discussions, Snapshot sentiment polls, on-chain voting, and multi-layer withdrawal waiting periods—the process is expected to take at least 7 weeks. Binance must also sign relevant indemnification agreements before the on-chain submission. (The Defiant)