Binance to Restore Withdrawals After $6.3 Billion Theft

Binance announced it expects to fully normalize platform withdrawals by the end of next week. The move follows a cyberattack in October that resulted in the theft of $6.3 billion in digital assets.

So far, the company has successfully reopened withdrawals for 87 distinct networks. The firm has already covered 95% of the total stolen amount in an effort to mitigate user losses and restore confidence in the service.

Investigations conducted by the FBI and the platform itself point to North Korea as responsible for the breach. The hacker group identified as TraderTraitor allegedly exploited security vulnerabilities that began in June to carry out the theft on October 29.

The incident triggered changes in the exchange's administrative structure. Chief Financial Officer Kaiser Ng left his position shortly after the event and was replaced by Justin Yek, a former Airwallex executive.

The normalization of operations at the world's largest exchange may reduce the perception of systemic risk in the digital asset market and ease selling pressure on Bitcoin.