Binance’s CFO Is Stepping Down Just as the Exchange Takes a $6.3 Billion Hit

Binance finance chief Kaiser Ng is leaving the company to pursue a new venture, according to a report. “Kaiser 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,” Binance co-CEO Yi He said in a statement obtained by Reuters on Saturday.

Ng has served as Binance’s chief financial officer since January 2022, according to his LinkedIn profile. Before joining Binance, he held the same position at crypto exchange Kraken for about five years. He will be replaced by Justin Yek, formerly vice-president of finance at Airwallex.

The leadership change comes a little more than a week after Binance was hacked for a record $6.3 billion. Cointelegraph reported that hackers stole about $6.3 billion from Binance on Oct. 29, marking the largest cryptocurrency theft on record.

Binance said it would absorb the losses rather than pass them on to customers. The FBI and several researchers attributed the attack to North Korean hackers, a charge the country has denied.