Binance names Justin Yek as new CFO after $6.3 billion hack
The exchange says the CFO transition was planned more than six months ago and was not connected to the Oct. 29 attack.
Binance has named Justin Yek, a former finance executive at payments firm Airwallex, as its new chief financial officer. He succeeds Kaiser Ng, who is leaving after more than five years to pursue a new venture. The announcement came nine days after hackers stole about $6.3 billion in cryptocurrency from the exchange in the Oct. 29 cyberattack, which is believed to be the largest digital asset theft on record.
Binance says the leadership change was planned over the past six months and had no connection to the security incident. In a Nov. 3 update, the exchange said it had replenished 98% of the affected token assets and that about $2.85 billion in stolen assets had been frozen or intercepted. The FBI has attributed the attack to North Korean hackers associated with an operation known as TraderTraitor. Binance said hackers used a fake job interview to compromise an employee's computer.
Ng had been CFO since January 2022 and previously worked at Kraken. Yek most recently served as vice president of finance at Airwallex, and earlier held roles at Morgan Stanley and Citi. Binance has said customers will not bear any losses from the hack.
Key points
- Hackers stole about $6.3 billion in cryptocurrency on Oct. 29.
- Binance says it has replenished 98% of affected token assets.
- The FBI has linked the attack to North Korean hackers.
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