Binance CFO Steps Down After $6.3 Billion Cyberattack
Kaiser Ng ends a five-year tenure as the exchange grapples with the aftermath of a massive security breach.
Binance Chief Financial Officer Kaiser Ng has announced his departure from the world's largest cryptocurrency exchange. The decision comes just days after the platform suffered a hack that resulted in the theft of $6.3 billion in digital assets.
The company stated that the executive, who had held the position since January 2022, will focus on a new venture. A transition plan has been in place for the past six months to ensure the continuity of financial operations.
Justin Yek, former vice president of finance at Airwallex, will take over as CFO. Binance confirmed that Yek brings extensive experience in the financial sector and will lead the team through the company's current challenges.
The security breach, which occurred on October 29, was described as highly sophisticated. The attack began with the compromise of employee computers through malware hidden in software and fake job offers.
The FBI has identified a North Korean group as responsible for the intrusion, though Pyongyang denies involvement. Binance has assured that all customers affected by the incident will be fully reimbursed by the platform.
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