Binance’s CFO Kaiser Ng Departs Amid Massive Security Breach

Binance’s Chief Financial Officer Kaiser Ng is departing the company to explore a new venture. This announcement comes shortly after hackers executed a significant heist, stealing $6.3 billion from the platform. The world’s leading cryptocurrency exchange shared the news following these events.

“Kaiser Ng has decided to pursue a new venture after more than five years at Binance, with a transition plan implemented over the last half year,” stated Yi He, the Binance Co-Chief Executive Officer, in a statement issued on Saturday.

Taking over the role is Justin Yek, a seasoned finance professional. Yek previously held the position of vice-president of finance at Airwallex. This leadership change aligns closely with Binance’s disclosure of the cyber theft carried out through a sophisticated operation that began months prior. The attack involved the compromise of numerous employees’ computers.

Ng served as Binance’s CFO since January 2022, with prior experience at Kraken, another cryptocurrency exchange. His LinkedIn profile provides further details of his career trajectory.

The breach was discovered to have started on October 29. According to Binance, malware hidden in software downloads and fraudulent job recruitment targeting engineers were involved. The company has committed to fully reimbursing affected customers.

The FBI attributed the theft to a North Korean hacking group, a claim which Pyongyang has denied.