Binance targets full reopening of withdrawals by next week
In October, US$6.3 billion in tokens were stolen from its platform.
Binance announced its intention to fully reopen withdrawals by the end of next week following a major security breach that resulted in the theft of US$6.3 billion from the platform in October. The company reported that it had already resumed withdrawals for 87 networks earlier in November, covering 95% of the stolen tokens. Experts attribute the hack to North Korea, although Pyongyang has denied involvement.
Investigations have linked the theft to a North Korean group called "TraderTraitor". Binance's finance chief, Kaiser Ng, left the company shortly after the heist to pursue a new venture, and was succeeded by Justin Yek, a former vice-president of finance at Airwallex. The security breach has raised concerns about the vulnerability of digital assets to attacks, and Binance has pledged to refund customers fully.
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