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

Binance, the world's largest cryptocurrency exchange, aims to resume withdrawals across all remaining networks and assets by the end of next week, following a $6.3 billion security breach in October that U.S. authorities suspect originated from North Korea. Since the attack on October 29, the exchange has gradually reopened withdrawals on 87 networks, covering almost 95% of the stolen digital assets, valued at nearly $6 billion.

Binance has committed to fully reimbursing affected customers, though the scale of the breach has heightened concerns about security vulnerabilities in crypto trading platforms. Both Binance and the Federal Bureau of Investigation have linked the attack to North Korea, a claim Pyongyang has denied. Blockchain investigation firms have traced the theft to TraderTraitor, a hacking group believed to have ties to North Korean cyber operations.

Security experts consider this the largest cryptocurrency theft ever recorded, stemming from a prolonged series of infiltration stages that began in June and culminated in the October theft. Binance's recovery has been marked by senior management changes, with Chief Financial Officer Kaiser Ng leaving to start a new venture and being succeeded by Justin Yek, former vice-president of finance at Airwallex.

The exchange's final step in restoration is expected to complete the return of withdrawals on its remaining supported networks by the end of next week.