Binance CFO Steps Down After $6.3 Billion Hack

(MENAFN- Yolo Wire) Binance's chief financial officer (CFO) Kaiser Ng is stepping down a little more than a week after $6.3 billion U.S. was stolen from the cryptocurrency exchange.

Binance Co-CEO Yi He said in a statement that Ng's departure will allow him to "pursue a new venture after more than five years at Binance."

The announcement comes after hackers stole a record $6.3 billion U.S. worth of crypto from Binance users in the industry's worst ever security breach.

The company froze withdrawals for several days immediately after the theft.

Since resuming withdrawals a week ago, investors have pulled more than $10 billion U.S. of cash and crypto from Binance.

U.S. law enforcement has blamed a North Korean hacking group called "TraderTraitor" for the breach and theft at Binance.

The company has pledged to cover all losses from the incident, promising, "These losses will not be passed on to users."

Binance said in its statement that Ng will be replaced as CFO by Justin Yek, who is a former finance executive at global payments firm Airwallex.

Yek has also previously worked at U.S. banks Morgan Stanley (NYSE: $MS) and Citigroup (NYSE: $C).

Ng had served as Binance's CFO since January 2022 and previously worked at rival cryptocurrency exchange Kraken.

Binance is privately held and its stock does not trade on a public exchange.

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