Binance CFO Kaiser Ng Departs Following $6.3 Billion Cryptocurrency Hack
Binance has announced that Chief Financial Officer Kaiser Ng is stepping down to pursue new ventures after more than five years with the cryptocurrency exchange. The departure follows a massive security breach in which hackers, identified by Binance and the FBI as a North Korean group named TraderTraitor, stole $6.3 billion worth of user cryptocurrency. In response to the hack, Binance temporarily froze withdrawals, leading to a net outflow of $3.6 billion once accounts were unfrozen. To maintain user trust, the exchange has committed to covering all losses personally, ensuring that the financial impact of the stolen funds is not passed on to its customers. Justin Yek has been named as Ng's successor.