Binance CFO steps down nine days after record hack; co-CEO says transition was planned six months ago
Binance Chief Financial Officer Kaiser Ng is stepping down after over five years with the company, nine days after a record hack drained more than $6 billion from the exchange.
Binance Chief Financial Officer Kaiser Ng is stepping down and will be replaced by Justin Yek, a former finance executive at payments firm Airwallex, according to co-CEO Yi He. The announcement comes nine days after the Oct. 29 hack, in which attackers drained more than $6 billion from Binance across multiple blockchains.
Yi He said Ng "has decided to pursue a new venture" after more than five years at the company, and that a transition plan had been implemented over the past half year. The statement did not specify when Ng's departure takes effect or details about his next venture.
Hack aftermath
The FBI has attributed the attack to TraderTraitor, a North Korean hacking group. Binance had replenished about 95% of the affected assets with its own funds as of Nov. 2, when it completed a proof of reserves snapshot and began restoring withdrawals.
a transition plan had been in place for six months, which is long before the recent hack
The hackers have since swapped stolen tokens for $124 million in bitcoin, according to blockchain analytics firm Elliptic. Ng had served as Binance's CFO since January 2022 and previously worked at rival exchange Kraken.
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