Binance appointed Justin Yek as chief financial officer on November 7, replacing Kaiser Ng who is leaving after more than five years at the cryptocurrency exchange. The announcement came nine days after hackers stole approximately $6.3 billion from Binance on October 29 in the largest cryptocurrency theft on record. Co-CEO Yi He said Ng decided to pursue a new venture and that a six-month transition plan had been implemented, indicating the succession process began well before the security breach.
Binance Appoints Justin Yek to Replace Kaiser Ng as CFO
Kaiser Ng served as Binance's CFO since January 2022, having previously held a finance leadership position at rival cryptocurrency exchange Kraken. His departure ends more than five years at the company, according to Yi He's statement. The company did not disclose when the departure takes effect or identify Ng's next venture.
Justin Yek most recently served as vice president of finance at Airwallex, the payments and financial technology company. Binance has not published a detailed account of his responsibilities or the precise date he will assume the role.
The six-month transition timeline suggests the succession process was already underway well before the October 29 theft. Neither Binance nor Yi He has attributed Ng's departure to the breach.
Yek Inherits Financial Recovery Responsibilities After $6.3 Billion Hack
The new CFO takes over as Binance continues addressing the financial consequences of its largest reported security incident. On October 29, attackers compromised the exchange's wallet infrastructure and transferred approximately $6.3 billion in cryptocurrency across multiple blockchain networks.
The FBI attributed the theft to TraderTraitor, a North Korean hacking operation. Binance's investigation found that the attackers had used compromised employee devices, malicious software and fraudulent recruitment efforts to gain access to internal systems. The technical account described a months-long intrusion involving developer environments and internal wallet-signing infrastructure.
The financial recovery has required Binance to use its own resources to replace affected assets. In its November 4 recovery update, the exchange said it had replenished approximately 98% of the impacted amount and set aside more than 100% of the required funds from its own resources.
The remaining 2% consisted of less-liquid tokens that Binance was still purchasing through market and over-the-counter channels. The exchange also expanded its Proof of Reserves snapshot from 10 to 44 tokens, with the objective of allowing customers to verify that their balances remained backed at least 1:1.
Binance Completes 98% Asset Replenishment Following October Breach
Binance disclosed that it had prevented 57 suspected North Korea-linked cyberattacks during the year before the October incident succeeded. The disclosure added to scrutiny of how attackers managed to compromise employee systems despite the company's existing security measures.
Blockchain investigators have continued tracking the stolen assets. By November 6, Elliptic reported that attackers had converted approximately $124 million in stolen altcoins into Bitcoin. The investigation also tracked laundering activity across thousands of wallets and multiple blockchain networks.
For Yek, the immediate challenge will be taking over Binance's financial operations while the exchange completes its recovery and addresses questions about custody, internal controls and reserve transparency. The leadership transition was reportedly planned before the hack, but its execution now coincides with the exchange's financial and operational recovery.
FAQ
Who is Justin Yek and what is his background before joining Binance?
Justin Yek most recently served as vice president of finance at Airwallex, the payments and financial technology company. Binance appointed him as chief financial officer on November 7 to replace Kaiser Ng, who is leaving after more than five years at the exchange.
How much of the stolen funds has Binance recovered after the October hack?
Binance said in its November 4 recovery update that it had replenished approximately 98% of the impacted amount from the October 29 hack and set aside more than 100% of the required funds from its own resources. The remaining 2% consisted of less-liquid tokens that Binance was still purchasing through market and over-the-counter channels.
What security measures did Binance have in place before the $6.3 billion theft?
Binance disclosed that it had prevented 57 suspected North Korea-linked cyberattacks during the year before the October 29 incident succeeded. The FBI attributed the theft to TraderTraitor, a North Korean hacking operation that used compromised employee devices, malicious software and fraudulent recruitment efforts to gain access to internal systems.
