Binance will restore withdrawals for all by next week
What's the story
Binance, the world's largest cryptocurrency exchange, has announced its plan to restore withdrawals for all remaining networks and assets by the end of next week. This comes after a major security breach last month that saw $6.3 billion stolen from the platform. Earlier this week, Binance had resumed withdrawals for 87 networks, covering 95% of the stolen tokens.
Culprit
Hack linked to North Korean group TraderTraitor
Binance resumed withdrawals in phases earlier this month after covering 95% of the $6.3 billion in tokens stolen from its platform.
The FBI and Binance have both implicated North Korea in the hack, a claim that Pyongyang has denied.
Blockchain investigation firms have attributed it to a North Korean group known as "TraderTraitor."
Company impact
Binance hack is a wake-up call
In its initial report on the hack, Binance detailed a multi-stage hacking endeavor that began in June and culminated in the theft on October 29.
The incident has highlighted the vulnerability of digital assets to attacks and raised questions about its impact on Binance.
The company's finance chief Kaiser Ng left just over a week after the heist, after more than five years at Binance.
He was replaced by Justin Yek, a long-time finance executive at Airwallex.