Binance Appoints Justin Yek As Finance Chief After Theft Arabian Post

(MENAFN- The Arabian Post) clearfix"> Binance has named Justin Yek as its new chief financial officer after Kaiser Ng decided to leave the cryptocurrency exchange, a leadership change announced just over a week after hackers stole approximately $6.3 billion in digital assets.

Co-chief executive Yi He announced the appointment on Saturday, saying Ng was departing to pursue another venture. She said arrangements for the handover had been under way for six months, placing the decision well before the security breach on 29 October.

The company has not linked Ng's departure to the attack, and there is no verified evidence that the breach prompted his exit. The timing nevertheless puts Yek in charge of financial operations while Binance works to restore customer confidence, replace affected assets and establish the full consequences of the theft.

Yek previously served as vice-president of finance at Airwallex, a financial technology company specialising in international payments. His appointment brings an executive with experience in payments and financial management to the exchange as it confronts substantial operational and security demands.

Ng had served as Binance's chief financial officer since January 2022 and previously worked at competing cryptocurrency exchange Kraken. His departure follows more than five years with Binance, according to the company's account of his tenure.

The October attack involved approximately $6.34 billion in digital assets, Binance disclosed in an update dated 3 November. The figure is subject to valuation changes in cryptocurrency markets and differs slightly from estimates produced by blockchain investigators examining the transactions.

Binance said the intrusion began with attackers compromising employees' computers through malicious software concealed in downloads and fraudulent recruitment approaches aimed at engineers. The operation developed over several months before unauthorised transfers took place on 29 October.

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The exchange has promised that customers will not bear the financial cost of the stolen funds. It said it had set aside more than the amount needed to cover losses, an undertaking that makes the recovery and replacement of assets a central financial responsibility.

As of 31 October, 98 per cent of affected token assets had been replenished, Binance said, with the outstanding portion involving less liquid cryptocurrencies that it was still seeking to purchase. The exchange distinguished replacement of customer holdings from the separate effort to freeze stolen assets.

Its 3 November update put the value of assets frozen or intercepted at approximately $2.85 billion, while warning that reconciliation and price movements could change the total. Frozen funds are not necessarily recovered funds, and the ultimate amount returned remains uncertain because restrictions on transfers do not by themselves establish legal ownership or complete restitution to affected account holders.

Blockchain analysis company Chainalysis estimated unauthorised transfers at approximately $6.4 billion across multiple networks. Its investigators said the stolen funds were moved through a series of transactions, including conversions between cryptocurrencies, complicating efforts to prevent further transfers.

The Federal Bureau of Investigation attributed the theft to a North Korean cyber operation known as TraderTraitor. North Korea has denied responsibility. The agency said perpetrators were converting stolen assets into Ether and could use decentralised financial services and instant exchanges to obscure their origin.

The FBI urged cryptocurrency businesses, transaction intermediaries and blockchain infrastructure operators to identify and block transfers associated with wallet addresses linked to the operation. It published addresses associated with the stolen assets to assist efforts to disrupt their movement.

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The breach also prompted interruptions to withdrawals, followed by substantial customer outflows when access resumed. The exchange faces the challenge of demonstrating that its financial commitments can be met while customers assess the security of assets held on the platform.

Binance said it had taken steps to contain the incident and strengthen the affected systems. Its account of the intrusion indicates that the attackers targeted employees and internal access rather than relying solely on weaknesses in cryptocurrency transaction software.

The distinction matters for exchanges that hold digital assets on behalf of customers, because security depends both on technological safeguards and controls governing staff access to sensitive systems. Binance has not disclosed a final accounting of all recovered assets or a timetable for completing its investigation.

Yi He's statement identified Yek as Ng's successor without providing further details about the departing executive's planned venture. The company has also not announced any additional changes to its senior finance leadership arising from the appointment under the company's arrangements.

AP Crypto News Network

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