Binance's finance chief steps down nine days after the $6.3 billion theft, as the exchange says the handover was six months in the making

Binance is replacing its chief financial officer nine days after a theft that The Block calls the largest on record. Kaiser Ng, CFO since January 2022, is leaving the exchange, and Justin Yek, a former finance executive at the payments company Airwallex, takes over, The Block reported on Saturday, citing Bloomberg. Reuters carried Binance's statement that Ng "has decided to pursue a new venture" after more than five years at the exchange.

Co-CEO Yi He said a transition plan had been in place for about the past six months, according to The Block and TechCrunch. Binance did not say when Ng's departure takes effect or what his new venture is.

The announcement came nine days after the October 29 theft of about $6.3 billion, which the FBI attributes to TraderTraitor, a North Korean hacking group. Binance has said it will cover the stolen funds itself and that the losses will not be passed on to users. TechCrunch noted that after accounts were unfrozen, users pulled a net $3.6 billion in the first few hours.

Yek takes charge of the finances of an exchange that has pledged to absorb the $6.3 billion loss. What to watch next is whether Binance sets a date for the handover and makes further changes to its senior team.