Binance Chief Financial Officer Kaiser Ng is leaving, and Justin Yek will succeed him. The change comes days after hackers stole a record $6.3 billion from the exchange. Binance describes the move as a planned transition.
Binance said on Saturday that CFO Kaiser Ng would leave and that Justin Yek would take over. The announcement arrives days after hackers took a record $6.3 billion from the world's biggest cryptocurrency exchange, according to Reuters.
Binance calls it a planned handover
Co-Chief Executive Officer Yi He said in a statement that Ng decided to pursue a new venture after more than five years at Binance. According to Yi He, the exit followed a "transition plan implemented over the last half year".
Despite the timing, Binance framed the departure as a long-planned transition rather than a direct consequence of the hack, Investing.com reported.
Yek inherits the fallout
Yek takes the finance role as the exchange deals with the aftermath of the breach. Investing.com reported that hackers drained more than $6 billion in cryptocurrency from Binance, a sum it said threatens to heavily affect the company's balance sheet and user trust.
The same report said the breach is expected to draw intense scrutiny from international regulators. They have already maintained a tight leash on Binance following its multi-billion-dollar settlement with U.S. authorities over anti-money laundering violations in late 2023.
The loss also dwarfs earlier landmark crypto hacks, Investing.com noted, including the $625 million Ronin Network exploit in 2022 and the $530 million Coincheck hack in 2018.
Sources: Reuters via Investing.com, Investing.com
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