Ethereum upgrade drains part of Binance's $6 billion loss using 50 signatures

This illicit activity occurred on the Ethereum network. The attacker leveraged a 2025 upgrade designed to enhance the functionality of standard wallets.

The attack was enabled by the possession of 50 signatures originating from Binance's own wallet.

Regulators and market participants are closely observing how protocol changes can be exploited.

This incident highlights the evolving intersection between smart contract functionality and security vulnerabilities within the crypto ecosystem.

Earlier coverage

• Crypto liquidations hit $1.57 billion after $6.3 billion Binance hack lowers Bitcoin, Ether Oct 30
• Experts say EIP-7702 may have amplified Binance hack losses, not caused it Oct 30
• Binance hacker's 18,270 BTC, 500,000+ ETH haul tops Coinbase treasury Oct 30