Binance Withdrawals: Exchange Targets Full Restoration After $6.3 Billion Hack

Binance Withdrawals are expected to return to normal across all remaining networks and assets by the end of next week, as the world’s largest cryptocurrency exchange continues restoring operations following a security breach that resulted in the theft of $6.3 billion last month.

“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,” Binance said in a post on X on Saturday.

The exchange began restoring withdrawals in phases earlier this month after covering 95% of the $6.3 billion in tokens stolen during what experts have described as the largest cryptocurrency theft on record.

The FBI and Binance have attributed the attack to North Korea, although Pyongyang has denied responsibility. Blockchain investigation firms have linked the incident to a North Korean hacking group known as TraderTraitor.

In its initial report detailing how the hackers carried out the operation, Binance described a multi-stage cyberattack that began in June. The activity triggered a series of security breaches that ultimately culminated in the theft on October 29.

The incident has highlighted the vulnerability of digital assets to cyberattacks and raised questions about the potential impact on Binance’s operations and reputation. The exchange has pledged to fully compensate affected customers.

The security breach was also followed by a senior management change. Binance finance chief Kaiser Ng left the company just over a week after the incident to pursue a new venture, following more than five years at the exchange.

He was replaced by longtime finance executive Justin Yek, who previously served as vice-president of finance at Airwallex.

Binance’s planned restoration of the remaining withdrawal services marks another step towards normalising operations following the major security incident.