Binance restores withdrawals across 87 networks after record $6.3 billion crypto theft - The Times of India
Binance has restored withdrawal services across 87 networks following a record $6.3 billion cryptocurrency heist last month, with plans to reopen all remaining services by next week.
Binance is working towards restoring withdrawal services across all its remaining networks and assets by the end of next week, following a security breach that led to $6.3 billion worth of cryptocurrency being stolen from the exchange last month. The company said it had brought 87 networks back online this week as part of its phased efforts to resume withdrawals.
This week, we reopened withdrawals for 87 networks. We will aim to reopen withdrawals for all remaining networks and assets by the end of next week.
The October 29 theft has been described by experts as the biggest cryptocurrency heist ever. Binance's first account outlined a hacking operation involving several stages, which reportedly started in June before a series of security breaches led to the eventual theft.
North Korean connection
Responsibility for the attack has been a point of contention. Both the FBI and Binance have identified North Korea as being behind the breach, while Pyongyang has denied the allegations. Blockchain investigation firms have linked the incident to a North Korean hacking group called 'TraderTraitor'.
Leadership changes
The scale of the stolen assets has drawn attention to security risks surrounding digital currencies. The exchange has committed to reimbursing customers in full. The incident was followed by a change in the company's senior finance team. Kaiser Ng, who had spent more than five years as Binance's finance chief, stepped down just over a week after the theft to pursue a new venture.
Justin Yek, who took over the role, is a longtime finance executive and previously served as vice-president of finance at Airwallex.
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