Binance CFO Kaiser Ng Resigns After $6.3 Billion Hack, Justin Yek Named Finance Chief: 18 outlets compared

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Kaiser Ng resigns as Binance CFO days after the $6.3 billion hack. Justin Yek named Binance CFO to replace Ng.

CFO exit after hack

Binance said Chief Financial Officer Kaiser Ng resigned in the aftermath of a large-scale hack in which hackers stole more than $6 billion in cryptocurrency from Binance. He Yi said Ng “has decided to pursue a new venture after more than five years at Binance,” and Binance said the CFO transition had been planned before the hack.

Binance appointed Justin Yek, formerly of Airwallex, to replace Ng as CFO, and Binance said Yek will lead the company's finance organization. Bloomingbit said Bloomberg reported that He Yi announced Ng's departure on November 7, and the announcement came just days after the theft.

Attribution and reimbursement

Binance said the breach unfolded on October 29 and began with malware hidden in software downloads and fake job recruitment efforts targeting engineers. The FBI blamed a North Korean hacking group for the theft, and Pyongyang denied the allegation.

Binance said it would fully reimburse affected customers, and Binance explained that the breach targeted digital assets valued at about $6.34 billion. CNN الاقتصادية said Binance explained in an update published on November 3 that it froze or intercepted assets valued at around $2.85 billion and restored nearly 98% of the assets affected as of October 31.

Leadership change and next steps

Justin Yek said, “I’m excited to assume the role of chief financial officer at Binance,” and he said he “look forward to leading our finance department as we continue growing responsibly and fulfilling our mission globally.” Binance’s statement came a few days after hackers stole more than $6 billion in cryptocurrency from the platform, and Yi He wished Ng “all the best in this new chapter.”

The FBI stated on October 31 that North Korea was responsible for the attack on Binance, and Binance claimed to have covered approximately 90% of the $6.3 billion. He Yi said Ng decided to pursue a new challenge after more than five years at Binance, and a handover plan had been in place for the past six months.