Binance has announced plans to fully restore withdrawal services by the end of next week, marking a significant step toward normalizing operations following a major security breach. The world’s largest cryptocurrency exchange revealed on November 14 that it had reopened withdrawals for 87 networks this week and aims to complete the process for all remaining networks and assets shortly.
The move comes after Binance covered 95% of the US$6.3 billion in tokens stolen during the October hack, which experts describe as the largest cryptocurrency theft ever. The FBI and Binance have attributed the breach to North Korea, though Pyongyang has denied involvement. Blockchain investigation firms have linked the attack to a North Korean group called “TraderTraitor.”
Binance detailed the hack as a multi-stage operation that began in June, culminating in the theft on October 29. The incident has raised concerns about the security of digital assets and the potential impact on Binance, which has pledged to fully reimburse affected customers.
In related developments, Binance’s finance chief, Kaiser Ng, stepped down just over a week after the heist to pursue a new venture. He was replaced by Justin Yek, a longtime finance executive who previously served as vice-president of finance at Airwallex.