Binance CFO departs following major security breach

Kaiser Ng is stepping down as chief financial officer of the cryptocurrency exchange Binance. The departure follows a significant security incident in which hackers stole 6.3 billion dollars worth of digital assets from user accounts. The announcement was made by co-CEO Yi He, who stated that Ng will leave to pursue a new venture after serving the company for more than five years.

He noted that a transition plan has been implemented over the past six months to manage the change. Ng will be succeeded in the role by Justin Yek. The timing of the exit comes shortly after the exchange froze withdrawals for several days to contain the breach. Once accounts were unfrozen, users withdrew a net 3.6 billion dollars in the initial hours.

Binance and the FBI attributed the attack to a North Korean group identified as TraderTraitor. The company assured stakeholders that it would absorb the financial impact of the stolen funds, explicitly stating that these losses would not be passed on to users.