Binance, the world’s biggest cryptocurrency exchange, said Saturday that Chief Financial Officer Kaiser Ng is leaving after more than five years and that Justin Yek will become its new finance chief.
Co-Chief Executive Yi He said in the statement that 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.”
A handover planned for months
Yi He said the change was planned over the last six months. Ng leaves after more than five years with the company. Yek steps into the role as Binance works through the fallout of the largest theft in crypto history.
Days after a record theft
The announcement comes about a week after hackers stole $6.3 billion from the exchange. Binance froze withdrawals for several days, and users pulled out a net $3.6 billion in the first hours after accounts reopened, a report said. The company and the FBI blamed a North Korean group called TraderTraitor.
Binance has said it will cover the stolen funds itself. “Binance will bear the financial impact of the stolen funds,” the company said. “These losses will not be passed on to users.”
In plain words: Binance’s money chief is leaving and the transition plan was put in place over the last six months. The company says customers will not pay for last week’s giant hack.
JBizNews Desk | Dubai, United Arab Emirates
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