Binance appoints Justin Yek as CFO after $6.3 billion hack

Binance said Kaiser Ng is departing after serving for over half a decade to embark on a different project. Co-CEO Yi He said the handover had been planned over the past six months, and the company said the change was unrelated to the October 29 attack. Yek, who most recently served as Airwallex’s vice-president of finance, will take over the role. Ng has been Binance’s CFO since January 2022 and previously worked at Kraken.

Binance has said hackers gained access to employees’ computers through malware and fraudulent recruitment efforts, then used internal systems to make unauthorized transactions. The FBI has attributed the theft to North Korean hackers; North Korea has denied the allegation.

Binance has said it will cover customer losses. In a November 3 update, it said 98% of affected token assets had been replenished and about $2.85 billion in stolen funds had been frozen or intercepted. The exchange said it is cooperating with police and industry counterparts to follow the funds and improve its cybersecurity. Yek said he appreciated Ng’s support during the transition and would lead the finance organization as Binance expands.