Binance Chief Financial Officer Kaiser Ng is stepping down from the cryptocurrency exchange, days after hackers drained more than $6 billion in cryptocurrency from the platform, according to Investing.com.
Justin Yek has been appointed as the new CFO. Binance co-Chief Executive Officer Yi He said in a statement that Ng "has decided to pursue a new venture after more than five years at Binance, with a transition plan implemented over the last half year." Yi He added, "We wish him the best in his next chapter."
Investing.com reports that Binance framed the departure as a long-planned transition, not a direct result of the hack. The report does not provide evidence for that timeline beyond the company's statement.
The report describes the breach as one of the most severe security incidents in the history of digital assets. It says the loss exceeds the $625 million Ronin Network exploit in 2022 and the $530 million Coincheck hack in 2018. It also says the breach is expected to draw scrutiny from international regulators, who have kept a close watch on Binance since its settlement with U.S. authorities over anti-money laundering violations in late 2023.