Today in crypto, White House announces trade deal with China, but no details are announced, Ethereum’s Pectra has opened a new attack vector that could allow hackers to drain funds using only an offchain signature, Bitcoin SV (BSV) investors attempt to rekindle 2019 Binance lawsuit.

White House claims trade deal reached with China, but investors remain doubtful

The White House announced progress toward a trade deal with China. However, no official details of the purported trade deal were aired alongside the announcement, casting doubt about the substance of the agreement.

According to an announcement from the White House, details of the supposed trade deal will be revealed in a briefing on May 12. Treasury Secretary Scott Bessent released this statement about the trade talks:

“I am happy to report that we made substantial progress between the United States and China in the very important trade talks. First, I want to thank our Swiss host. The Swiss government has been very kind in providing us with this wonderful venue.”

While investors continue to monitor the ongoing trade talks for any potential deal that could restore confidence in financial markets, many market participants say the details of the agreement may be underwhelming or lack any real substance that would establish a long-standing trade deal between the two countries.

Pectra lets hackers drain wallets with just an offchain signature

Ethereum’s latest network upgrade, Pectra, introduced powerful new features aimed at improving scalability and smart account functionality — but it also opened a dangerous new attack vector that could allow hackers to drain funds from user wallets using only an offchain signature.

Under the Pectra upgrade, which went live on May 7 at epoch 364032, attackers can exploit a new transaction type to take control of externally owned accounts (EOAs) without requiring the user to sign an onchain transaction.

Arda Usman, a Solidity smart contract auditor, confirmed to Cointelegraph that “it becomes possible for an attacker to drain an EOA’s funds using only an offchain signed message (no direct onchain transaction signed by the user).”

At the center of the risk is EIP-7702, a core component of the Pectra upgrade. The Ethereum Improvement Proposal introduces the SetCode transaction (type 0x04), which enables users to delegate control of their wallet to another contract simply by signing a message.

If an attacker obtains this signature — say, via a phishing site — they can overwrite the wallet’s code with a small proxy that forwards calls to their malicious contract.

Bitcoin Satoshi’s Vision investors attempt to rekindle lawsuit against Binance

A group of Bitcoin Satoshi’s Vision (BSV) investors is attempting to rekindle a 2019 lawsuit against Binance, alleging that the crypto exchange caused price damage to the altcoin by delisting BSV in 2019.

Attorneys for the plaintiffs argued that a previous ruling from the United Kingdom Competition Appeal Tribunal, throwing out the claims of undue damage from the delisting, should be examined again, according to legal outlet Law360.

If successful, the litigants could demand up to 10 billion British pounds (GBP), or roughly $13 billion, in damages from the exchange.

BSV continues to suffer from a multitude of issues, including a long-term price decline, several 51% attacks that compromised the blockchain network’s security, and criticism from the crypto community.