Binance CFO is leaving to ‘pursue a new venture’ after $6.3 billion hack
Binance CFO Kaiser Ng is stepping down from his role at the cryptocurrency exchange following a massive $6.3 billion security breach. The company has appointed Justin Yek as his successor while navigating the fallout from the hack, which involved North Korean actors.
Why it matters
The departure of a high-level executive during a major security crisis highlights the instability and regulatory pressure facing major crypto exchanges.
Binance’s chief financial officer Kaiser Ng is leaving the cryptocurrency exchange.
According to Bloomberg , co-CEO Yi He said in a statement that Ng’s departure will allow him to “pursue a new venture after more than five years at Binance,” and that a transition plan has been “implemented over the last half year.”
The announcement comes barely more than a week after hackers stole $6.3 billion worth of cryptocurrency from Binance users. The company froze withdrawals for several days; after accounts were unfrozen, users withdrew a net $3.6 billion in the first few hours.
Binance and the FBI blamed a North Korean group called TraderTraitor for the hack. The company also said that it would cover all losses, promising, “Binance will bear the financial impact of the stolen funds. These losses will not be passed on to users.”
Ng will be replaced as CFO by Justin Yek.
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