Binance CFO Departing to Explore New Opportunities Following $6.3 Billion Security Breach
The chief financial officer of Binance, Kaiser Ng, is stepping down from his role at the cryptocurrency exchange.
In a statement, co-CEO Yi He noted that Ng is leaving to explore new opportunities after more than five years with the company, and that a transition strategy has been in place for the past six months.
This news comes shortly after a major security breach where hackers stole $6.3 billion in cryptocurrency from Binance’s users. Following this incident, the exchange temporarily halted withdrawals, and once accounts were reinstated, users withdrew a total of $3.6 billion within just a few hours.
Binance, alongside the FBI, has attributed the hack to a group linked to North Korea known as TraderTraitor. The company has committed to compensating all affected users, stating, “Binance will absorb the financial deficit from the stolen assets. Users will not incur any losses.”
Justin Yek will take over as CFO following Ng’s departure.
