Binance’s chief financial officer, Kaiser Ng, has announced his departure from the company to pursue a new venture. The move comes just days after the world’s largest cryptocurrency exchange suffered a record-breaking US$6.3 billion hack. Ng, who has been with Binance since January 2022, will be replaced by Justin Yek, a finance executive formerly with Airwallex.
The transition plan for Ng’s departure has been in the works for the last six months, according to Binance Co-Chief Executive Officer Yi He. Yek, who previously held the role of vice-president of finance at Airwallex, will now take over as Binance’s new finance chief.
The announcement follows a major security breach on October 29, where hackers stole cryptocurrency through a sophisticated attack that began months earlier. The breach involved malware hidden in software downloads and fake job recruitment efforts targeting engineers. Binance has pledged to fully reimburse affected customers.
The FBI has blamed a North Korean hacking group for the theft, an allegation that Pyongyang has denied. Ng’s departure and the recent hack highlight ongoing challenges for Binance as it navigates security and leadership changes.