Binance’s chief financial officer, Kaiser Ng, is stepping down from his role just days after the exchange suffered a massive $6.3 billion hack. Ng, who joined Binance in January 2022, announced his departure to pursue a new venture, marking the end of a five-year tenure. His successor, Justin Yek, previously served as vice president of finance at Airwallex and brings extensive experience from roles at Morgan Stanley and other financial institutions.
The hack, attributed to a North Korean group called TraderTraitor, saw hackers move money between controlled wallets before executing the theft in about 20 minutes, according to blockchain intelligence firm TRM Labs. Binance froze all transactions following the breach and resumed withdrawals on November 1, during which investors pulled out $3.6 billion in assets within hours. The exchange has pledged to cover the full financial impact of the stolen funds.
Ng reflected on his time at Binance, highlighting the transformation of the finance team from a back-office function to one that drives innovation and revenue. Yek expressed gratitude for Ng’s support during the transition and emphasized the strength of the finance team he is inheriting.