Approximately $30.5 million (equivalent to Rp480 billion) from the Binance exchange exploit is now locked on the Arbitrum network. The Arbitrum Security Council officially executed an emergency multi-sig transaction to freeze the stolen assets directly at the network protocol level.
Transaction access has been completely halted for wallet address 0x3E2bf1ac6bf0934BBba6456C341c2EcbCED632d5. This Arbitrum network wallet previously held tens of millions of dollars from the breach before network security operators revoked all asset transfer rights within it.
The network administrators’ move immediately restricted the perpetrator’s room to maneuver before the stolen assets could move to other protocols.
Cutting Off Fund Flows to Privacy Protocols
Independent on-chain investigator ZachXBT confirmed the emergency transaction execution on Arbitrum in a recent post. ZachXBT expressed appreciation to all multi-sig signers involved in the emergency execution to freeze the hacker’s assets.
This on-chain freeze halts the hacker’s attempts to transfer or launder stolen funds through privacy protocols and cross-chain bridges. Privacy protocols and cross-chain bridges are common routes cybercriminals use to obscure the origins of blockchain transactions.
Through the multi-sig transaction, Arbitrum Security Council key signers jointly locked the balance at the target address. Without authorization from the multi-sig key holders, the hundreds of billions of rupiah in address 0x3E2bf1ac6bf0934BBba6456C341c2EcbCED632d5 cannot be withdrawn or transferred to any system.
Follow-Up to the $6.3 Billion Binance Breach
The Arbitrum Security Council’s action follows the response to the $6.3 billion Binance exchange hack. In the earlier incident, the perpetrator managed to move 28,316 Bitcoin out of the exchange’s reserves before security analysts began tracing the transaction trail.
The 28,316 Bitcoin that left exchange reserves required non-stop cross-network on-chain monitoring. The $30.5 million freeze on Arbitrum proves that part of the hack proceeds had been moved to the Layer-2 chain, but was promptly intercepted before the hacker could make off with the funds.
Swift collaboration between independent on-chain investigators and the network security council closed the escape hatch for the high-profile cybercriminal. For the hacker who fled with Binance assets, freezing wallet 0x3E2bf1ac6bf0934BBba6456C341c2EcbCED632d5 ensures that the $30.5 million is now dead balance that cannot be cashed out.
Reported via @zachxbt on X.
Previously: Binance Covers 100% of $6.3 Billion Hack Losses - But 28,316 Bitcoin Still Left Wallets
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
