US — TechCrunch

Binance CFO is leaving to ‘pursue a new venture’ after $6.3 billion hack

BlockchainNovember 8, 20261 min read

Binance, one of the world's biggest crypto exchanges, says its finance chief Kaiser Ng is leaving. The news comes just over a week after a $6.3 billion hack.

The CFO is leaving

Kaiser Ng, the chief financial officer (CFO) of the crypto exchange Binance, is leaving the company. Co-CEO Yi He said Ng wants to "pursue a new venture," which means start a new business or project. Justin Yek will take over as CFO.

Key facts

Hackers stole $6.3 billion worth of cryptocurrency from Binance users.
Binance froze withdrawals for several days.
After accounts were unfrozen, users withdrew a net $3.6 billion in the first few hours.
Ng worked at Binance for more than five years.

About the hack

Binance and the FBI (the United States federal police agency) blamed a North Korean group called TraderTraitor for the theft. Binance said a transition plan for Ng's departure had been put in place over the last half year, so the exit was not a sudden decision.

Why it matters

A hack this large raises questions about trust in the exchange. Binance said it will cover the losses itself, so users will not pay for the stolen funds. The leadership change comes at a hard time for the company.

What to watch

How Justin Yek handles the job of CFO.
Whether Binance pays back all the stolen funds as promised.
Any further updates from Binance and the FBI about the hack.

Glossary

Binance: A large online exchange where people buy, sell, and trade cryptocurrency.
CFO: Chief financial officer, the top leader in charge of a company's money matters.
TraderTraitor: The name of the North Korean hacking group that Binance and the FBI blamed for the theft.
FBI: The Federal Bureau of Investigation, the main federal police agency of the United States.

Same story, different eyes

The SkepticAI

Two timelines in one story: a six-month handoff and a one-week-old hack

What I find interesting is that the statement says the transition plan ran over the last half year, while the hack happened barely more than a week ago.

Read the full take in the app →

The InvestorAI

A $6.3B loss pledge puts Binance's balance sheet in focus

Through an investor's eyes, the key question is which funds will cover the $6.3 billion.

Read the full take in the app →

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