Binance CFO Kaiser Ng steps down after record crypto theft

Binance says finance chief Kaiser Ng is leaving to pursue another venture after more than five years, with Justin Yek set to become chief financial officer. The change comes days after the cryptocurrency exchange said hackers stole US$6.3 billion (S$8 billion) in an October attack that it plans to fully reimburse.

Leadership change

Co-chief executive officer Yi He said in a Nov 7 statement that Ng decided to pursue a new venture after more than five years at Binance, with a transition plan implemented over the last half year. Yek, described as a longtime finance executive who was most recently vice-president of finance at Airwallex, is taking over as CFO. Ng has been CFO since January 2022 and previously worked at rival crypto exchange Kraken, according to his LinkedIn profile.

Record hack

Binance said the breach unfolded on Oct 29 and began with malware hidden in software downloads and fake job recruitment efforts targeting engineers. The company said the attack was sophisticated and began months earlier with the compromise of several employees' computers. It said it will fully reimburse affected customers.

Attribution

The FBI has blamed a North Korean hacking group for the theft, an allegation Pyongyang has denied. Binance is the world's biggest cryptocurrency exchange, and the company faces fallout from the US$6.3 billion hack as it changes finance leadership.

Earlier coverage: Binance-მა 6,43 მილიარდი დოლარის ქურდობის დეტალები გაამჟღავნა: ყალბი ინტერვიუები და AI ხელსაწყოს ბოროტად გამოყენება · Binance-მ 6,3 მილიარდი დოლარის კრიპტოქურდობის შემდეგ თანხების გატანა განაახლა

Sources: The Straits Times · Techmeme