The world’s biggest crypto exchange is actively recovering from the largest cryptocurrency theft in history. Specifically, Binance aims to reopen withdrawals for all remaining networks and assets by the end of next week.
Hackers stole a staggering $6.3 billion from the platform on October 29. Consequently, the exchange halted operations to manage the crisis. However, the company is now normalizing its services. In an X post on Saturday, Binance confirmed it successfully reopened withdrawals for 87 networks this week. Furthermore, the exchange has already covered 95% of the stolen tokens. Binance also vowed to repay all affected customers in full.
The FBI and Binance officially hold North Korea responsible for the massive hack. Additionally, blockchain investigation firms attribute the attack to a North Korean hacking group known as “TraderTraitor”. Meanwhile, Pyongyang explicitly denies these allegations. According to Binance’s initial report, hackers executed a complex, multi-stage endeavor starting in June. Ultimately, these successive security breaches culminated in the massive October 29 theft, highlighting the severe vulnerability of digital assets.
Unsurprisingly, the historic theft has triggered major corporate shifts. Binance’s finance chief, Kaiser Ng, left the company just over a week after the heist. He departed to pursue a new venture after spending more than five years at the exchange. Subsequently, Binance appointed Justin Yek as the new finance chief. Previously, Yek served as the vice-president of finance at Airwallex.
