Binance Appoints New CFO After Record Cryptocurrency Heist

Binance has confirmed the departure of its chief financial officer, Kaiser Ng, following a historic security breach at the exchange. The company announced that Ng is leaving to pursue a new venture after more than five years with the firm. A transition plan for his exit was implemented over the past six months, according to a statement from Binance co-CEO Yi He. The announcement was reported by Bloomberg News on Saturday, 7 November.

Justin Yek has been named as the new finance chief to replace Ng. Yek brings extensive experience from major financial institutions, including Citi and Morgan Stanley. He most recently served as the vice president of finance at the payments platform Airwallex. In a statement, Yek expressed enthusiasm for the role, stating his intention to lead the finance organisation while the company continues to scale responsibly and deliver on its global mission. Yi He added that the company wished Ng the best in his next chapter.

The leadership change comes days after hackers stole 6.3 billion dollars from Binance, an incident described as the largest heist in cryptocurrency history. The Federal Bureau of Investigation has stated that North Korea was responsible for the attack. Binance has since reported covering approximately 90 per cent of the stolen funds, making progress toward fully reimbishing users. However, analysts note that while immediate losses are being covered, the underlying criminal proceeds and the infrastructure enabling their movement remain largely untouched. The recovery of these assets is considered uncertain, raising questions about who bears the losses and how the financial system can enforce the law against such downstream consequences.