Binance targets full withdrawal reopening after $6.3 billion crypto theft
Operations at Binance are continuing to normalize after last month's $6.3 billion theft, with the exchange aiming to restore withdrawals across all remaining networks and assets by the end of next week. The plan follows a phased resumption earlier this month and comes as the company faces ongoing scrutiny over security weaknesses exposed by the hack.
Highlights
- Binance reopened withdrawals for 87 networks and targets full restoration for all assets and networks by end of next week after $6.3 billion theft.
- Binance covered 95% of stolen tokens, with the multistage hack—regarded as the largest ever—culminating on October 29 and attributed to North Korea's TraderTraitor group.
- Finance chief Kaiser Ng left Binance post-breach, replaced by Justin Yek from Airwallex, amid growing security and reputational concerns.
Withdrawal restoration plan and breach timeline
As reported by Reuters, citing Binance in an X post on Saturday, the company says it reopened withdrawals for 87 networks this week and is aiming to restore withdrawals for all remaining networks and assets by the end of next week.The world's biggest cryptocurrency exchange resumed withdrawals in phases earlier this month after covering 95% of the $6.3 billion in tokens stolen from its platform. Experts describe the incident as the largest cryptocurrency theft ever.
In its initial account of the attack, Binance says the hacking effort began in June and involved multiple stages of security breaches that culminated in the theft on October 29.
Security fallout and management changes
The hack has intensified concerns over the vulnerability of digital assets to cyberattacks and raised questions about the operational and reputational impact on Binance. The company has vowed to repay customers in full.The FBI and Binance say North Korea is responsible for the hack, although Pyongyang denies that. Blockchain investigation firms have attributed the attack to a North Korean group known as TraderTraitor.
Binance has also changed senior finance leadership in the aftermath of the theft. Finance chief Kaiser Ng left the company just over a week after the heist to pursue a new venture after more than five years at Binance, and longtime finance executive Justin Yek, most recently vice-president of finance at Airwallex, has replaced him.
We have also analyzed crypto exchange trust, finding many investors still view platforms as safe despite hacks.
Latest Binance News
-
Afghanistan
-
Albania
-
Algeria
-
Angola
-
Argentina
-
Armenia
-
Australia
-
Austria
-
Azerbaijan
-
Bahamas
-
Bahrain
-
Bangladesh
-
Belarus
-
Belgium
-
Bolivia
-
Botswana
-
Brazil
-
Brunei
-
Bulgaria
-
Cambodia
-
Cameroon
-
Canada
-
Chile
-
China
-
Colombia
-
Congo
-
Costa Rica
-
Cote d'Ivoire
-
Croatia
-
Cuba
-
Cyprus
-
Czechia
-
DR Congo
-
Denmark
-
Dominican Republic
-
Ecuador
-
Egypt
-
El Salvador
-
Estonia
-
Eswatini
-
Ethiopia
-
Finland
-
France
-
Georgia
-
Germany
-
Ghana
-
Greece
-
Haiti
-
Hong Kong
-
Hungary
-
India
-
Indonesia
-
Iran, Islamic republic
-
Iraq
-
Ireland
-
Israel
-
Italy
-
Jamaica
-
Japan
-
Jordan
-
Kazakhstan
-
Kenya
-
Korea
-
Kuwait
-
Kyrgyzstan
-
Laos
-
Latvia
-
Lebanon
-
Lesotho
-
Libya
-
Lithuania
-
Luxembourg
-
Madagascar
-
Malaysia
-
Malta
-
Mauritius
-
Mexico
-
Moldova
-
Mongolia
-
Montenegro
-
Morocco
-
Mozambique
-
Myanmar
-
Namibia
-
Nepal
-
Netherlands
-
New Zealand
-
Nigeria
-
North Macedonia
-
Norway
-
Oman
-
Pakistan
-
Palestine
-
Panama
-
Papua New Guinea
-
Paraguay
-
Peru
-
Philippines
-
Poland
-
Portugal
-
Puerto Rico
-
Qatar
-
Reunion
-
Romania
-
Rwanda
-
Saudi Arabia
-
Serbia
-
Singapore
-
Slovakia
-
Slovenia
-
Somalia
-
South Africa
-
Spain
-
Sri Lanka
-
Sweden
-
Switzerland
-
Syria
-
Taiwan
-
Tajikistan
-
Tanzania
-
Thailand
-
Trinidad and Tobago
-
Tunisia
-
Turkey
-
UAE
-
Uganda
-
Ukraine
-
United Kingdom
-
United States
-
Uruguay
-
Uzbekistan
-
Venezuela
-
Vietnam
-
Yemen
-
Zambia
-
Zimbabwe
- Forex
- Crypto
