Binance names new CFO days after $6.3 billion cryptocurrency hack
Binance has appointed Justin Yek as its new CFO following the departure of Kaiser Ng, shortly after a record-breaking $6.3 billion cryptocurrency hack. The exchange stated the leadership change was planned months in advance and is unrelated to the security breach.
Why it matters
The massive scale of the hack and the subsequent leadership transition are critical developments for the stability and regulatory scrutiny of the global cryptocurrency market.
Binance has named a new chief financial officer just over a week after hackers stole approximately $6.3 billion in cryptocurrency from the exchange in what is believed to be the largest digital asset theft on record. Kaiser Ng is leaving the company after more than five years to pursue a new venture, Binance co-CEO He Yi said in a statement provided to FOX Business. Justin Yek, a former finance executive at global payments firm Airwallex, will succeed him. The announcement comes nine days after the Oct. 29 cyberattack, but a Binance spokesperson confirmed to FOX Business that the leadership transition was planned more than six months ago and had no connection to the security incident.
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