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Arbitrum’s security council has frozen $70 million in funds linked to an exploit attributed to North Korea’s Lazarus Group. The hack targeted the LayerZero-powered bridge of KelpDAO and initially drained an estimated $292 million to $300 million.
The funds were secured through an emergency governance intervention described as unprecedented. Arbitrum’s security council used emergency multisig powers to upgrade a bridge contract mid-exploit, an action the article says no other Layer-2 network has done.
By intervening during the attack, Arbitrum was able to secure a significant portion of the stolen funds before they could be moved further.
The article also highlights a crypto hack prediction market that is currently set at 100% “YES” for another $100 million-plus crypto hack by December 31. It notes that traders appear to interpret Arbitrum’s action as confirmation that large-scale exploits remain frequent and severe.
With the market at 100% YES and “no room for upward movement,” the article says traders already price in near-certainty of more $100M+ incidents this year.
The market is described as having $0 in daily face value trading and no active movement, meaning the odds are static but firm at 100%. The flat trading is presented as evidence that the market has already fully priced in the risk of repeated large-scale DeFi exploits.
It adds that buying YES at 100¢ offers no payout because the price is already at the ceiling.
The case is framed as unusual because the emergency upgrade capability may affect how quickly stolen funds can be contained in cross-chain bridge attacks. The article raises the question of whether other governance bodies will adopt similar mid-exploit contract upgrade approaches, and whether that changes the risk calculus for attackers targeting cross-chain bridges.
It concludes that updates from Chainalysis and SlowMist could provide further confirmation of additional exploits or similar emergency governance actions, which would reinforce the market’s current pricing.
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