Arbitrum council rewrites contract to move $30 million
In short
A 12-person Arbitrum committee briefly changed a core contract and moved $30 million in Binance hack funds. It then changed the code back.
The report says this is the second time this year. It is still not clear who now controls the money or what rules allowed the move.
What the reporting says
A 12-person Arbitrum committee briefly rewrote one of the network’s core contracts to spend from an address it did not hold a key for, moving $30 million of Binance hack funds, according to CoinDesk. The code was then put back, and the report says this is the second such action this year. The source does not explain the legal basis, custody outcome, or who ultimately controls the funds.
Why it matters
Arbitrum’s council or committee briefly altered a core contract so it could spend from an address without the relevant key, then restored the code after moving $30 million of Binance hack funds. The report says this happened a second time this year. The source does not state whether the funds are recoverable, how governance approved the action, or what this means for users or the protocol.