Binance CFO Kaiser Ng is leaving the cryptocurrency exchange after more than five years, with Justin Yek stepping in as his replacement.
The transition follows a major security incident involving a $6.3 billion cryptocurrency theft and subsequent user withdrawal freezes.
According to a statement from co-CEO Yi He, his departure is to pursue a new career path, and a succession plan has been in place for the past six months. Justin Yek will take over as the new CFO.
The attack and the consequences
The announcement of his departure comes shortly after a major cyberattack on Binance, in which unknown individuals stole $6,3 billion worth of digital currencies from users.
After the incident, the company froze withdrawals for several days. When accounts were unlocked, users withdrew a net $3,6 billion in the first few hours.
Who is behind the attack?
Both Binance and the FBI blame the attack on a North Korean group called TraderTraitor.
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The company pledged to fully cover the losses from the stolen funds and clearly stated that the financial cost would not be translated into a charge for users.
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