Binance replaces CFO Kaiser Ng with Justin Yek nine days after the $6.3B hack

Binance has named Justin Yek chief financial officer, replacing Kaiser Ng, nine days after hackers stole $6.3 billion from the exchange on 29 October. Co-CEO Yi He said Ng is leaving to pursue a new venture after more than five years, under a transition plan put in place over the past six months. The statement gave no departure date or details of his next venture.

Yek was most recently vice president of finance at Airwallex. Ng had been CFO since January 2022 and previously worked at Kraken.

The FBI attributes the theft to TraderTraitor, a North Korean hacking group, and Binance says it will bear the losses and not pass them to users. By 2 November it had replenished about 95% of the affected assets with its own funds, and Elliptic says the hackers have since swapped stolen tokens for $124 million in bitcoin.