Binance finance chief Kaiser Ng exits days after $6.3B hack

Binance is swapping out its top money person. Kaiser Ng, finance chief for more than five years, is leaving to chase a new venture, co-CEO Yi He said in a Nov 7 statement. Justin Yek, most recently vice-president of finance at Airwallex, takes the CFO chair.

The handoff wasn't rushed. Yi He said a transition plan has been running for the past half year, setting Yek up to slide in as Ng walks out. Ng had held the CFO job since January 2022 and previously worked at rival exchange Kraken, according to his LinkedIn profile.

The timing is loud. The announcement dropped just over a week after Binance disclosed hackers stole US$6.3 billion from the platform in a heist the exchange describes as a record.

That breach, which unfolded on October 29, traces back months, according to Binance. The company says it began with malware buried in software downloads and fake job recruitment pitches aimed at engineers, and with several employees' computers compromised along the way. Binance has pledged to fully reimburse affected customers.

The FBI has pinned the theft on a North Korean hacking group, an allegation Pyongyang denies. So Binance's new finance chief inherits a balance sheet under a very bright spotlight.

Next up: Yek settles into the CFO seat while the reimbursement pledge and the fallout from the October attack keep the exchange in the crosshairs.