Binance Targets Full Withdrawal Reopening by Next Weekend After $6.3 Billion Hack
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Binance said on Saturday it aims to restore withdrawals across all remaining networks and assets by the end of next week, following a security breach last month linked to North Korea that resulted in $6.3 billion being stolen. The exchange said on X that it had already restored withdrawals on 87 networks this week and would work to complete the rest. Earlier this month, Binance began phased withdrawal restoration after 95% of the stolen tokens were covered. The FBI and Binance have attributed the hack to North Korea, which denies involvement; blockchain investigators attributed it to a North Korean group called TraderTraitor. Binance described a multi-stage hacking operation starting in June that led to the October 29 theft. The incident highlighted digital asset vulnerabilities and raised questions about its impact on Binance, which has promised full customer reimbursement. About a week after the theft, Binance CFO Kaiser Ng departed after more than five years, succeeded by Justin Yek, formerly Airwallex vice president of finance.
Source report
Binance said on Saturday it aims to restore withdrawal services across all remaining networks and assets by the end of next week as it works to return to normal operations. The move follows a security breach last month linked to North Korea that resulted in $6.3 billion being stolen from the world's largest cryptocurrency exchange.
In a post on X, Binance stated: "This week, we restored withdrawals on 87 networks. We will strive to restore withdrawals for all remaining networks and assets by the end of next week." The exchange began phasing in withdrawal services earlier this month after 95% of the $6.3 billion in stolen tokens had been covered. Experts have described the incident as the largest cryptocurrency theft in history.
Both the FBI and Binance have said North Korea was responsible for the hack, though Pyongyang has denied involvement. Blockchain investigation firms have attributed the attack to a North Korean group known as "TraderTraitor."
In a preliminary report on how the theft was carried out, Binance detailed a multi-stage hacking operation that began in June, triggering a series of security breaches that culminated in the theft on October 29. The incident underscored the vulnerability of digital assets and raised questions about the impact on Binance, which has pledged to fully reimburse customers.
Just over a week after the theft, Binance Chief Financial Officer Kaiser Ng departed the company after more than five years to pursue new opportunities. He was succeeded by veteran finance executive Justin Yek, who previously served as Vice President of Finance at Airwallex.
Source: Reuters
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Binance CFO Kaiser Ng departs after $6.3 billion hack, Justin Yek named successor