Binance Chief Financial Officer Kaiser Ng is leaving the cryptocurrency exchange, with former Airwallex executive Justin Yek appointed as his successor. The leadership change was announced on November 7 by Binance co-CEO Yi He, nine days after the company suffered a $6.3 billion security breach on October 29. Binance stated the transition had been planned for over six months and was unrelated to the hack, with Ng pursuing a new venture following more than five years at the company. The appointment comes as Binance continues implementing recovery measures including reserve replenishment and infrastructure rebuilding, with post-hack customer withdrawals reaching approximately $4.72 billion in net outflows.
Binance Appoints Justin Yek CFO Following Kaiser Ng Departure
Kaiser Ng has served as Binance's chief financial officer since January 2022, overseeing financial operations during a period of substantial regulatory and business changes. Before joining Binance, he worked at cryptocurrency exchange Kraken. His next venture and the precise effective date of his departure have not been publicly disclosed.
Justin Yek most recently served as vice president of finance at Airwallex, a global payments and financial infrastructure company. According to Airwallex's original leadership announcement, Yek joined the company in February 2023 as head of strategic finance and corporate development. His earlier experience includes positions at Morgan Stanley and Citi, providing a background in banking, corporate finance and financial technology.
Binance Replenishes 98% of Assets After October 29 Breach
The October 29 breach affected approximately $6.34 billion in cryptocurrency across multiple blockchains, making it one of the largest reported thefts in digital asset history. An earlier blockchain investigation traced the attack to initial XRP transfers before unauthorized activity spread to Bitcoin and Ethereum wallets.
Binance disclosed that attackers used fraudulent recruitment interviews, malicious downloads and compromised internal systems to gain access to sensitive infrastructure. The exchange pledged to absorb the losses rather than pass them on to customers.
According to Binance's November 4 recovery update, the exchange had replenished approximately 98% of affected assets using its own resources. Its latest proof-of-reserves snapshot expanded coverage to 44 cryptocurrencies, compared with ten in the previous report. The exchange's previous reserve verification confirmed backing for major cryptocurrencies, while the remaining less-liquid assets required additional purchases.
Binance Implements Device Controls and AI Monitoring Post-Hack
Binance has committed to strengthening internal security following the breach. The exchange announced tighter device controls, expanded AI-based monitoring and external cybersecurity assessments as part of its recovery measures outlined in its official security incident report.
The incident has prompted greater scrutiny of Binance's cryptocurrency reserves, particularly as large asset transfers complicate interpretations of exchange liquidity. The exchange continues implementing the recovery roadmap it disclosed after the attack.
FAQ
When did Binance announce Kaiser Ng's departure as CFO?
Binance co-CEO Yi He announced Kaiser Ng's departure on November 7, nine days after the exchange suffered a $6.3 billion security breach on October 29. Binance stated the transition had been planned for over six months and was unrelated to the hack.
What is Justin Yek's background before joining Binance?
Justin Yek most recently served as vice president of finance at Airwallex, joining the company in February 2023 as head of strategic finance and corporate development. His earlier experience includes positions at Morgan Stanley and Citi in banking, corporate finance and financial technology.
How much of the stolen assets has Binance replenished after the October 29 hack?
According to Binance's November 4 recovery update, the exchange had replenished approximately 98% of affected assets using its own resources. The October 29 breach affected approximately $6.34 billion in cryptocurrency across multiple blockchains.
