Full Binance Withdrawals Return Next Week Following $6.3B Breach
Binance aims to fully restore user withdrawals across all remaining networks and assets by the end of next week following the largest cryptocurrency heist on record. Crypto traders and institutional depositors faced restricted asset transfers after hackers stole $6.3 billion from the global digital exchange on October 29.
Platform Covers 95 Percent of Lost Assets to Restore Network Access
The exchange reopened withdrawals across 87 networks this week after absorbing 95 percent of the $6.3 billion in stolen tokens into its balance sheet. Executive shifts accompanied the recovery efforts, with chief financial officer Kaiser Ng departing the company just over a week after the breach following a five-year tenure. Former Airwallex vice-president of finance Justin Yek replaced Ng to oversee financial operations during the network restoration.
Investigators from the FBI and Binance attributed the breach to the North Korean hacking group known as TraderTraitor, identifying a multi-stage intrusion that initially began in June before culminating in the October theft.
