ShiftDelete19 minutes agoBusiness2 min readTürkiye

Binance CFO Kaiser Ng is leaving the company

Binance announces CFO change less than a week after $6.3 billion cryptocurrency hack; He declared that he would not pass the losses on to the users.

Quick Look

Binance CFO Kaiser Ng is leaving for a new venture after more than five years on the job.
Justin Yek was appointed as CFO in his place.
The breakup comes less than a week after Binance had $6.3 billion in cryptocurrency stolen from its users.

AI-generated summary

Why It Matters

Binance announced the CFO change less than a week after $6.3 billion worth of cryptocurrency was stolen from its users. Yi He told Bloomberg that Ng will pursue a new venture after more than five years in office. The transfer process has been carried out step by step over the last six months.

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Binance CFO Kaiser Ng is leaving the cryptocurrency exchange. The company's co-CEO, Yi He, told Bloomberg that Ng will pursue a new venture after more than five years in office. He also stated that the transfer process has been carried out step by step in the last six months.

Departure and Timing of Binance CFO Kaiser Ng

The news comes just over a week after $6.3 billion worth of cryptocurrency was stolen from Binance users. For this reason, the decision to separate is being discussed together with the attack. However, in the company's statement, a new initiative was cited as the reason for the separation.

According to Yi He, the transition plan had been ready for a long time. Ng's resignation was therefore presented as a planned takeover. The new CFO is Justin Yek.

In short, Binance CFO Kaiser Ng has officially withdrawn from the company's financial affairs. His replacement, Justin Yek, will take over this position and manage the financial side of the stock exchange.

What Happened After the Attack?

Binance froze withdrawals for several days following the attack. When the accounts were reopened, users withdrew a net $3.6 billion in the first hours. This figure tested users' trust in the stock market.

Binance and the FBI blamed a North Korean group called TraderTraitor for the attack. The company also announced that it would cover all losses. The statement included the following statements:

Binance will bear the financial burden of the stolen funds.

These losses will not be reflected to users.

Next Step in Management After Binance CFO Kaiser Ng

Thus, the management change in Binance's financial affairs officially began. Justin Yek replaced Kaiser Ng as CFO. On the other hand, no details were shared about which initiative Ng would implement.

The most concrete task for the company is to fulfill its promise to cover the losses without passing them on to the users. In this process, Justin Yek will now be in charge of financial affairs. The statement regarding the new initiative of Binance CFO Kaiser Ng has not been made yet.

What to Watch

AI outlook — possibilities, not facts

Justin Yek will continue to manage Binance's financial affairs.
Very likely · Within months
Binance will not reflect post-attack losses to users.
Very likely · Within months

Open Questions

What about Kaiser Ng's new venture?
What is Justin Yek's previous background and experience?
What are the exact details and method of the attack?
How will Binance's loss containment process be carried out?