Key Takeaways
- • Binance CFO Kaiser Ng is stepping down to pursue a new venture after more than five years at the exchange, according to a statement from Co-CEO Yi He on Saturday.
- • Justin Yek, most recently vice-president of finance at Airwallex, has been named Binance's new chief financial officer.
- • The leadership change follows a record hack in which Binance said attackers stole $6.3 billion from the platform, with the breach unfolding on October 29.
- • The FBI has blamed a North Korean hacking group for the theft, an allegation Pyongyang has denied; Binance says it will fully reimburse affected customers.
Summary
Binance, the world's largest cryptocurrency exchange, said its finance chief Kaiser Ng is leaving the company to pursue another venture, according to a statement from Co-Chief Executive Officer Yi He released on Saturday. Ng had served as CFO since January 2022 and had spent more than five years at Binance, with a transition plan implemented over the last half year. Previously, he worked at rival crypto exchange Kraken, according to his LinkedIn profile, as reported by Reuters.
Justin Yek, a longtime finance executive who was most recently vice-president of finance at Airwallex, will take over as CFO. The appointment comes at a sensitive moment for the exchange, days after hackers stole $6.3 billion in what was described as a record heist.
Binance said the breach unfolded on October 29 and was a sophisticated attack that began months earlier with the compromise of several employees' computers. The exchange has said the intrusion started with malware hidden in software downloads and fake job recruitment efforts targeting engineers. Binance has stated it will fully reimburse affected customers. The FBI has blamed a North Korean hacking group for the theft, an allegation Pyongyang has denied.
Justin Yek, a longtime finance executive who was most recently vice-president of finance at Airwallex, will take over as CFO. The appointment comes at a sensitive moment for the exchange, days after hackers stole $6.3 billion in what was described as a record heist.
Binance said the breach unfolded on October 29 and was a sophisticated attack that began months earlier with the compromise of several employees' computers. The exchange has said the intrusion started with malware hidden in software downloads and fake job recruitment efforts targeting engineers. Binance has stated it will fully reimburse affected customers. The FBI has blamed a North Korean hacking group for the theft, an allegation Pyongyang has denied.
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