Binance CFO Kaiser Ng is leaving the world's largest crypto exchange after more than five years. Binance has named Justin Yek as his replacement. The announcement follows a hack that stole US$6.3 billion in cryptocurrency from users.
A planned transition
Co-CEO Yi He said Ng is leaving to pursue a new venture. The company had been implementing a transition plan for about six months. Binance did not link Ng's exit directly to the security breach.
Hack and withdrawals
The platform froze withdrawals for several days after the attack. When accounts reopened, users pulled a net US$3.6 billion in the first few hours. Binance and the FBI blamed a North Korean group called TraderTraitor.
Loss coverage
Binance said it will cover the stolen funds. The company added that these losses will not be passed on to users. The move is part of its effort to restore confidence after the attack.
The hack took place in late October 2026. Justin Yek steps into the CFO role as Binance handles the breach's aftermath. His finance duties include managing compensation obligations and user trust.
Read more: bloomberg.com