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Binance aims to restore all withdrawals by end of next week after $6.3 billion hack

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The brief

Binance said on Saturday that it aims to reopen withdrawals for all remaining networks and assets by the end of next week, as operations normalise at the world's biggest cryptocurrency exchange following a security breach that saw $6.3 billion stolen from the platform 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," the company said in an X post.

Binance resumed withdrawals in phases earlier this month, after covering 95 per cent of the $6.3 billion in tokens stolen from its platform in what experts describe as the largest cryptocurrency theft ever. The FBI and Binance have said North Korea was responsible for the hack, though Pyongyang has denied it. Blockchain investigation firms have attributed the attack to a North Korean group known as "TraderTraitor".S2

In its initial report on how the hackers carried out the heist, Binance described a multi-stage operation that began in June and set off a series of security breaches culminating in the theft on October 29. The incident has underlined the vulnerability of digital assets to attacks and raised questions about its impact on Binance, which has vowed to repay customers in full.S2

The fallout has also reached the company's leadership. Finance chief Kaiser Ng left just over a week after the heist to pursue a new venture after more than five years at Binance. He was replaced by longtime finance executive Justin Yek, who was most recently vice-president of finance at Airwallex.S2

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1h LBCI

Binance targets full reopening of withdrawals by next week

Binance said on Saturday that it aims to reopen withdrawals for all remaining networks and assets...

2h Thehindubusinessline

Binance targets full reopening of withdrawals by next week

Binance resumed withdrawals in phases earlier this month, after covering 95% of the $6.3 billion in tokens stolen ​from its platform

Developing

Binance aims to restore all withdrawals by end of next week after $6.3 billion hack

3 outlets 3 reports
The brief

Binance said on Saturday that it aims to reopen withdrawals for all remaining networks and assets by the end of next week, as operations normalise at the world's biggest cryptocurrency exchange following a security breach that saw $6.3 billion stolen from the platform 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," the company said in an X post.

Binance resumed withdrawals in phases earlier this month, after covering 95 per cent of the $6.3 billion in tokens stolen from its platform in what experts describe as the largest cryptocurrency theft ever. The FBI and Binance have said North Korea was responsible for the hack, though Pyongyang has denied it. Blockchain investigation firms have attributed the attack to a North Korean group known as "TraderTraitor".S2

In its initial report on how the hackers carried out the heist, Binance described a multi-stage operation that began in June and set off a series of security breaches culminating in the theft on October 29. The incident has underlined the vulnerability of digital assets to attacks and raised questions about its impact on Binance, which has vowed to repay customers in full.S2

The fallout has also reached the company's leadership. Finance chief Kaiser Ng left just over a week after the heist to pursue a new venture after more than five years at Binance. He was replaced by longtime finance executive Justin Yek, who was most recently vice-president of finance at Airwallex.S2

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Sources · 2 citations

S1 Investing 1 report · EN
S2 ThehindubusinesslineLead 1 report · EN
LBCI 1 report · EN