Binance is on track to fully restore cryptocurrency withdrawals by the end of next week, following a massive $6.3 billion hack in October. The exchange has already resumed withdrawals on 87 networks over the past week, recovering from the security breach linked by U.S. authorities to North Korea. Binance covered 95% of the stolen assets, nearly $6 billion, and pledged to reimburse affected customers in full. The attack, attributed to the hacking group TraderTraitor, disrupted withdrawals across multiple blockchain networks.
The breach began as early as June, with attackers infiltrating Binance’s systems before executing the theft in late October. The incident has raised concerns about security vulnerabilities in cryptocurrency trading platforms. Binance’s recovery efforts have coincided with changes in senior management, including the departure of Chief Financial Officer Kaiser Ng and the appointment of Justin Yek as his replacement.
The exchange’s next milestone is restoring withdrawals across all remaining supported networks and assets. The October 29 attack remains the largest cryptocurrency theft on record, according to security experts. North Korea has denied involvement, despite evidence linking the hack to state-sponsored cyber operations.