Binance names new finance chief after $6.3 billion crypto theft
Binance has appointed Justin Yek as chief financial officer, replacing Kaiser Ng as the cryptocurrency exchange deals with the aftermath of a $6.3 billion hack. The company said Saturday that Ng is leaving to pursue another venture.For crypto investors, the leadership change comes as the theft raises questions about security at the world’s largest exchange. Binance’s promise to reimburse affected customers puts its financial resources and ability to maintain customer confidence in focus.Co-CEO Yi He said preparations for Ng’s departure had been underway for six months, predating the October 29 breach. Yek most recently served as vice president of finance at payments company Airwallex.Binance said attackers gained access to employee computers months before the theft through malicious software downloads and fraudulent recruitment approaches targeting engineers.The FBI attributed the attack to a North Korean hacking group, which Pyongyang denied. Ng had served as Binance’s CFO since January 2022 and previously worked at rival exchange Kraken, according to his LinkedIn profile.Content provided by Seeking Alpha is intended for information purposes only, and that Seeking Alpha does not offer any personalist investment advice and is not a licensed securities dealer, broker, US investment adviser or investment bank.