TheBlock
Binance Chief Financial Officer Kaiser Ng is stepping down and will be replaced by Justin Yek, a former finance executive at payments firm Airwallex, co-CEO Yi He said in a Saturday statement. Yi He said Ng "has decided to pursue a new venture" after more than five years at the company and that a transition plan had been implemented over the past half year. The statement did not say when the departure takes effect or what Ng's next venture is. Ng has served as CFO since January 2022 and previously worked at rival exchange Kraken.
Why it matters
The announcement comes nine days after the Oct. 29 hack, in which attackers drained more than $6 billion from Binance across multiple blockchains. The FBI attributed the attack to TraderTraitor, a North Korean hacking group. The timing is uncomfortable for an exchange still working through the fallout, even as management frames the exit as a long-planned handover.
Market impact
Binance had replenished about 95% of the affected assets with its own funds as of Nov. 2, when it completed a proof of reserves snapshot and began restoring withdrawals. The hackers have since swapped stolen tokens for $124 million in bitcoin, according to blockchain analytics firm Elliptic. Investors will watch whether the leadership change affects confidence in the exchange's reserves reporting in the weeks ahead.
Frequently asked questions
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Who is replacing Binance CFO Kaiser Ng?
Justin Yek, who was most recently vice president of finance at payments firm Airwallex, will take over as Binance's CFO. He replaces Kaiser Ng, who held the role since January 2022.
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When does Kaiser Ng's departure take effect?
Binance's statement did not specify an effective date for the departure, nor did it name Ng's next venture. Co-CEO Yi He said Ng is leaving to pursue a new venture after more than five years at the company.
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How much was stolen in the Binance hack?
Attackers drained more than $6 billion from Binance across multiple blockchains in the Oct. 29 hack. The FBI attributed the attack to TraderTraitor, a North Korean hacking group.
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Has Binance restored the stolen customer assets?
Binance replenished about 95% of the affected assets with its own funds as of Nov. 2, the same day it completed a proof of reserves snapshot and began restoring withdrawals.
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What have the hackers done with the stolen funds?
According to blockchain analytics firm Elliptic, the hackers have swapped the stolen tokens for $124 million in bitcoin since the attack.
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