Binance Loses its Chief Financial Officer nine days after the hack

Binance announces the departure of Kaiser Ng, its Chief Financial Officer, nine days after the $6.3 billion hack that occurred on October 29, 2026. The crypto exchange confirmed on Saturday, November 7, that Justin Yek, former Chief Financial Officer of Airwallex, will succeed him. Co-CEO Yi He assures that this transition was prepared six months in advance, well before the attack. No link between the two events has been established.

Binance announces the departure of Kaiser Ng after the hack

The announcement comes as Binance tries to return to normal operation following the $6.3 billion hack planned over several months. On November 7, the platform confirmed a change in its financial leadership. Kaiser Ng leaves his position after more than five years at Binance.

He held the Chief Financial Officer position since January 2022. Before joining the company, he notably worked at Kraken, another major cryptocurrency exchange platform. His departure comes at a particularly sensitive time for Binance.

Nine days earlier, hackers hijacked approximately $6.3 billion in digital assets from several wallets of the exchange. The company had to temporarily suspend withdrawals and mobilize significant financial resources to replace the missing funds.

The change in financial leadership could therefore raise questions. Yi He quickly clarified. According to the co-CEO, Kaiser Ng wishes to pursue a new professional project and a transition plan had already been implemented over the past six months.

The decision was therefore prepared well before the hack. Binance has not disclosed the exact date when Ng will definitively leave his position. The company also has not specified the nature of his next activity.

Justin Yek takes over Binance’s financial management

To replace Kaiser Ng, Binance calls upon Justin Yek. This financial executive recently held the position of Vice President of Finance at Airwallex, a company specializing in international payments and financial services for businesses.

He has extensive experience in financial management. His arrival comes as Binance must ensure funding for its operations, manage its reserves, and continue replenishing assets affected by the hack.

The new Chief Financial Officer’s responsibilities will therefore not be limited to the company’s usual accounts. Binance must also monitor the economic consequences of an attack that led to the diversion of several billion dollars across different blockchains.

The role of a Chief Financial Officer notably includes overseeing cash flow, available resources, financial planning, and financial risks. However, the platform has not announced any particular modification of this role on the occasion of Justin Yek’s appointment.

No information allows asserting that his recruitment directly responds to the consequences of the hack. The transition occurs in a company seeking to maintain its operations while strengthening its security. For Justin Yek, taking office coincides with an important period of reorganization.

Binance still has to manage the consequences of the $6.3 billion theft

The October 29 hack continues to mobilize Binance teams. According to the first findings of the investigation, the attackers used malware and fake job interviews to compromise the computers of several engineers.

The FBI attributes the operation to the North Korean group TraderTraitor, an accusation rejected by Pyongyang. Binance has promised to cover the losses fully. At the beginning of November, the company announced having replenished approximately 95% of the affected assets through its own resources and protection funds. This percentage does not correspond to the amount recovered from the hackers.

The resumption of operations also caused significant financial movements. On November 3, deposits again exceeded withdrawals. Cointribune then reported that Binance recorded $2.3 billion in net inflows within 24 hours. Nevertheless, withdrawals accumulated since the attack remained significant. At the Hong Kong Fintech Week, Richard Teng, Binance’s co-CEO, assured that the exchange’s financial situation remained solid.

The teams must also continue the investigation and strengthen the systems used to authorize transactions. The replacement of Kaiser Ng therefore comes during a financially busy period. But nothing allows asserting that the Chief Financial Officer leaves the company because of the attack.

The new manager mostly inherits a platform engaged in an operation to replenish several billion dollars. The recovery of the stolen funds is also unfinished. Notably, investigators continue to monitor the hackers’ transfers, who change their methods to convert and move the stolen cryptocurrencies. For Binance, Justin Yek’s arrival opens a new financial chapter, while the hack’s consequences continue to weigh on the company.