- Binance resumed withdrawals on 87 networks after a $6.3 billion North Korea-linked hack
- The exchange aims to restore all network withdrawals by the end of next week
- Binance recovered about 95% of stolen crypto and pledged full customer reimbursements
After resuming withdrawals across 87 networks, Binance, the world's largest cryptocurrency exchange, expects to restore access to all remaining networks and digital assets by the end of next week, as it works to recover from a $6.3 billion security breach attributed to North Korean hackers
The exchange said in a Saturday post on X that withdrawal services had been reinstated across 87 networks over the past week, with efforts underway to bring the remaining networks and assets back online.
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"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.
Binance initiated a staggered resumption of withdrawals earlier this month after the cyberattack forced restrictions on transactions across multiple networks.
The exchange said it had made up for approximately 95% of the stolen cryptocurrency and pledged to reimburse customers for their losses in full.
The phased reopening is part of its efforts to bring operations back to normal while addressing the fallout from the incident.
The Federal Bureau of Investigation (FBI) and Binance have attributed the attack to North Korea. Pyongyang, however, has denied involvement.
Blockchain investigation firms have linked the breach to a North Korean hacking group identified as 'TraderTraitor'.
In its preliminary account of the incident, Binance described a multi-stage cyberattack that began in June and involved a series of security breaches before culminating in the theft on October 29.
The scale of the incident has renewed concerns over the security of digital asset platforms, highlighting the vulnerabilities associated with cryptocurrency infrastructure and the growing sophistication of cyberattacks targeting the sector.
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The breach has also brought organisational changes at Binance into focus. The company's finance chief, Kaiser Ng, left the exchange just over a week after the incident to pursue a new venture, ending a tenure of more than five years.
He was succeeded by Justin Yek, a longtime finance executive who previously served as vice-president of finance at Airwallex.
Binance's ability to restore withdrawals across all networks and fulfil its compensation commitments will remain crucial to rebuilding user confidence following the unprecedented security breach.
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