Binance plans to restore withdrawals across all remaining cryptocurrency networks and assets by the end of next week, as the world’s largest cryptocurrency exchange continues recovering from a security breach that resulted in the theft of $6.3 billion in digital tokens last month.
The company said on Saturday that it had reopened withdrawals for 87 networks during the past week and was working to restore access to the remaining services.
“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.
The exchange began restoring withdrawals in stages earlier this month after the October 29 attack. Binance has said it covered 95 per cent of the stolen tokens and pledged to reimburse affected customers in full.
The theft has been described by industry experts as the largest cryptocurrency heist on record. It exposed weaknesses in digital asset security and raised questions about the ability of major trading platforms to protect customer funds against increasingly sophisticated cyberattacks.
North Korean group blamed for attack
The FBI and Binance have attributed the breach to North Korea, although Pyongyang has denied responsibility. Blockchain investigation firms have linked the operation to a North Korean hacking group known as TraderTraitor.
Binance’s initial account of the incident described a multi-stage operation that began in June. The hackers reportedly carried out a series of security breaches over several months before completing the theft on October 29.
The exchange has not disclosed all details of the recovery process, but its phased reopening has allowed customers to regain access to withdrawals across an increasing number of networks.
The scale of the stolen funds has drawn attention to the risks facing cryptocurrency exchanges, particularly those handling large volumes of assets across multiple blockchain networks.
Finance chief leaves after breach
The incident has also been followed by a senior management change at Binance. Chief financial officer Kaiser Ng left the company just over a week after the theft, saying he intended to pursue a new venture following more than five years with the exchange.
He was replaced by Justin Yek, a long-serving finance executive who most recently held the position of vice-president of finance at financial technology company Airwallex.
Binance has continued its recovery efforts while working to restore services and reassure customers. Its commitment to cover the stolen assets and reopen withdrawals remains central to its response as the exchange seeks to return operations to normal.
