Binance replaces CFO after crypto theft worth around 8 trillion won

[Financial News] Binance, the world’s largest cryptocurrency exchange, has replaced its chief financial officer (CFO) after a recent hacking incident caused losses of about 8 trillion won.
Foreign media reported on the 7th (local time) that Kaiser Ng, who had worked at Binance for five years, was leaving the company and that Justin Yek had been appointed as his successor.
Incoming CFO Yek has experience working at an investment bank and, until recently, served as vice president of finance at global payments platform Airwallex.
The appointment was made about a week after Binance suffered the worst cryptocurrency hacking losses in its history.
On the 29th of last month, a hacking attack led to the unauthorized outflow of crypto assets worth $6.3 billion (about 8.4 trillion won) from Binance. As customers grew increasingly anxious after the incident, the company suffered a significant financial blow, with a net outflow of $4.9 billion in a single day. The U.S. Federal Bureau of Investigation (FBI) identified North Korea as being behind the hack.
Binance, however, indicated that the CFO change was a personnel decision pursued separately from the hacking incident.
Binance co-CEO He Yi explained, “We have been working on a transition plan for the past six months,” adding, “Ng decided to take on new challenges.”
Incoming CFO Yek will take on the significant responsibility of overseeing the finance division as Binance faces a crisis following a major hacking incident.
He said, “I will lead the finance organization as we responsibly scale the business and work to fulfill the company’s mission around the world.”
[email protected] Jang Min-kwon Reporter