An Ethereum feature introduced in 2025 played a role in an attack that drained part of Binance’s reported $6 billion loss, according to CoinDesk. The attacker used the upgrade’s expanded wallet capabilities and obtained 50 signatures from a wallet belonging to Binance.
How the attack worked
The upgrade was designed to make ordinary Ethereum wallets more capable. Rather than limiting wallets to basic actions, the change gave them additional functionality. In this incident, the attacker used that functionality while armed with 50 signatures from Binance’s own wallet.
The source material does not identify the attacker, explain how the signatures were obtained, or provide a separate value for the amount taken through this method. It does establish that the Ethereum-based activity accounted for part of Binance’s $6 billion loss.
Why the upgrade matters
Ethereum upgrades can alter what wallets are able to do and how transactions are authorized. That can expand the practical uses of standard wallets, but it also means that security failures involving wallet permissions or signatures can have broader consequences. The incident highlights the importance of understanding how newer wallet features interact with authorization controls.
Market picture
Moneyiar market data at 2026-10-25 22:39 +03:30 showed Ethereum at $2,342.0570017305, up 0.02% over 24 hours but down 1.77% over seven days. BNB was $740.8618136891, with a 24-hour gain of 0.81% and a seven-day gain of 3.32%.
Shiba Inu traded at $0.0000048638, down 0.75% in 24 hours and 1.21% over seven days. Uniswap was $6.9787690874, up 2.51% over 24 hours and down 2.12% over seven days. These market figures describe prices and performance at the stated time; they do not quantify the incident’s financial impact.
