Binance targets full reopening of withdrawals by next week - Yahoo! Finance Canada
Binance announced Saturday it plans to restore withdrawals for all remaining networks and assets by the end of next week, as the world's largest cryptocurrency exchange recovers from a $6.3 billion hack last month.
The company stated in an X post that it has already reopened withdrawals for 87 networks this week. The move comes as Binance works to normalize operations after the massive security breach that saw $6.3 billion in tokens stolen from its platform in late October.
Hack aftermath
Binance resumed withdrawals in phases earlier this month after covering 95% of the stolen funds. The FBI and Binance have attributed the breach to North Korea, though Pyongyang has denied responsibility. Blockchain investigation firms have linked the attack to the North Korean group 'TraderTraitor'.
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.
Security concerns
The theft has highlighted vulnerabilities in digital assets and raised questions about the hack's impact on Binance, which has promised to fully compensate affected customers. In its initial report, Binance described a multi-stage hacking operation that began in June and culminated in the October 29 theft.
Leadership changes
The company's finance chief Kaiser Ng departed just over a week after the heist to pursue a new venture after more than five years at Binance. He was succeeded by Justin Yek, a longtime finance executive who most recently served as vice-president of finance at Airwallex.
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