Binance targets full reopening of withdrawals by next week

Binance has announced plans to fully reopen withdrawals for all remaining networks and assets by the end of next week, according to a statement posted on X. The cryptocurrency exchange, which suffered a significant security breach last month resulting in the theft of $6.3 billion, has been working to restore operations. Withdrawals have been reopened for 87 networks so far this week, and the company aims to complete the full reopening by the end of the week.

The FBI and Binance have attributed the hack to North Korea, though the latter has denied the allegation. Blockchain investigation firms believe the hackers were part of a North Korean group known as TraderTraitor. Binance's initial report on the heist revealed a multi-stage hacking process that began in June and culminated in the theft on October 29.

The incident has raised concerns about the security of digital assets and the impact on Binance, which has pledged to repay all affected customers. Notably, Binance's finance chief Kaiser Ng departed the company shortly after the hack to pursue new ventures, and he was succeeded by Justin Yek, a former vice-president of finance at Airwallex.