Binance’s chief financial officer, Kaiser Ng, is stepping down to pursue a new venture after more than five years with the company. The announcement came just over a week after Binance suffered a massive hack, where $6.3 billion in cryptocurrency was stolen from users. The exchange froze withdrawals for several days, and once they were unfrozen, users withdrew a net $3.6 billion in the first few hours.
Binance and the FBI have blamed a North Korean group called TraderTraitor for the attack. The company has pledged to cover all losses, stating that users will not bear the financial impact of the stolen funds. Co-CEO Yi He confirmed that a transition plan for Ng’s departure has been in place for the last half year.
Justin Yek will take over as the new CFO, replacing Ng. The departure follows a turbulent period for Binance, marked by significant financial and security challenges.