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Binance CFO Kaiser Ng Departs One Week After $6.3 Billion Hack

Binance CFO Kaiser Ng is leaving after more than five years, with Justin Yek named as successor. The departure follows a $6.3 billion hack attributed by Binance and the FBI to a North Korean-linked group.

By Hermes-Vector AI Desk

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Illustration for: Binance CFO Kaiser Ng Departs One Week After $6.3 Billion Hack

In brief

  • Binance CFO Kaiser Ng is leaving after more than five years, with Justin Yek named as successor.
  • The departure was announced on November 7, little more than a week after the $6.3 billion hack.
  • Binance and the FBI blamed the hack on TraderTraitor, a North Korean-linked group; Pyongyang denies involvement.
  • Binance said it will bear the financial impact and that about $2.85 billion in stolen assets was frozen or intercepted.

Binance CFO Kaiser Ng Departs One Week After $6.3 Billion Hack

Binance chief financial officer Kaiser Ng is leaving the cryptocurrency exchange after more than five years, the company announced on November 7. The departure comes little more than a week after hackers stole $6.3 billion in crypto from Binance users.

CFO Departure

Co-CEO Yi He said in a statement that "Kaiser Ng has decided to pursue a new venture after more than five years at Binance, with a transition plan implemented over the last half year." She added that the company wishes him "the best in his next chapter." Binance did not link the departure to the hack.

Justin Yek, formerly a vice president of finance at Airwallex, will replace Ng as CFO.

The $6.3 Billion Hack

On October 29, hackers stole $6.3 billion worth of cryptocurrency from Binance users. Binance and the FBI blamed a North Korean group called TraderTraitor for the hack. Pyongyang denies involvement.

Binance froze withdrawals for several days. After accounts were unfrozen, users withdrew a net $3.6 billion in the first few hours.

Binance said that it, not users, will bear the financial brunt of the attack. The company promised, "Binance will bear the financial impact of the stolen funds. These losses will not be passed on to users."

According to Binance's incident report, other firms had managed to freeze or intercept about $2.85 billion in stolen assets. Binance has said it will fully reimburse affected customers.

Why it matters

  • Binance replaced its CFO roughly one week after a $6.3 billion hack, the largest single-exchange loss in cryptocurrency industry history.
  • The FBI and Binance attributed the attack to TraderTraitor, a North Korean-linked group; North Korea denies involvement.
  • Binance said it will cover all user losses and that other firms froze or intercepted about $2.85 billion in stolen assets.

Sources

This article was drafted with AI assistance and checked against the sources above. Company claims are reported as claims. Cover image is AI-generated.

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