ethereum ·
Here’s how an Ethereum upgrade helped drain part of Binance’s $6 billion loss
An attacker exploited a 2025 upgrade on the Ethereum network, which was designed to enhance the capabilities of standard wallets, to siphon off a portion of Binance's $6 billion loss.
This illicit activity leveraged 50 signatures originating from Binance's proprietary wallet during the execution of the upgrade on Ethereum.
This incident highlights the intricate vulnerabilities that can arise even within protocol enhancements intended to improve user-level functionality. Such events underscore the ongoing complexity surrounding smart contract interactions and the security posture of major market participants.
