From TechCrunch · Anthony Ha · · 1m 10s
Binance CFO exits after $6.3 billion hack
Kaiser Ng is leaving Binance weeks after hackers stole $6.3 billion in cryptocurrency from the exchange.
In brief
Kaiser Ng is leaving Binance weeks after hackers stole $6.3 billion in cryptocurrency from the exchange. Binance CFO Kaiser Ng is leaving the cryptocurrency exchange after a six point three billion dollar hack, with Justin Yek replacing him. Originally reported by TechCrunch.
Binance CFO Kaiser Ng departs
Binance's chief financial officer Kaiser Ng is leaving the cryptocurrency exchange after more than five years. Co-CEO Yi He said a transition plan has been implemented over the last half year.
Departure follows $6.3 billion theft
The announcement comes barely more than a week after hackers stole six point three billion dollars worth of cryptocurrency from Binance users. The company froze withdrawals for several days.
North Korea blamed for hack
Binance and the FBI blamed a North Korean group called TraderTraitor for the hack. Binance promised to cover all losses, saying these losses will not be passed on to users.
“Binance will bear the financial impact of the stolen funds. These losses will not be passed on to users.”
Justin Yek named new CFO
Justin Yek will replace Kaiser Ng as Binance's chief financial officer. After the hack, users withdrew a net three point six billion dollars in the first few hours after accounts were unfrozen.
In short
Binance CFO Kaiser Ng is leaving the cryptocurrency exchange after a six point three billion dollar hack, with Justin Yek replacing him.
