Binance Fires CFO Kaiser Ng Within Days of Record $6.3B Crypto Hack
Binance replaces CFO Kaiser Ng with Justin Yek one week after a $6.3 billion hack. Company claims the transition was planned for six months.
POLICY WIRE — Singapore, Singapore — Binance Holdings Ltd. has confirmed the exit of Chief Financial Officer Kaiser Ng, a move announced just days following the theft of roughly $6.3 billion in digital assets from the platform.
The world’s largest cryptocurrency exchange disclosed that Ng, who has served in the role for over five years, will be succeeded by Justin Yek. Yek previously worked as a finance executive at the payments firm Airwallex.
In a statement to Bloomberg, Binance co-CEO Yi He emphasized that this personnel change was not a reactive response to the security breach. He asserted that the organizational restructuring had been under planning over the last six months.
The transition coincides with the immediate aftermath of a significant cyberattack that occurred on October 29. During this incident, hackers managed to steal $6.3 billion worth of cryptocurrency from Binance users.
As the incoming CFO, Yek assumes full responsibility for the company’s financial operations. His tenure begins as Binance navigates the operational and financial repercussions stemming from the recent security incident.
The announcement highlights the ongoing pressure on the exchange’s leadership amidst concerns over its security posture in the wake of the multi-billion dollar loss.
Reporting by Policy-Wire (PW)