Binance CFO Departs Company Following US$6.3bn Crypto Hack

Kaiser Ng, the Chief Financial Officer at Binance – the world’s largest crypto exchange – has announced he will be leaving the company following the recent US$6.3bn hacking incident that impacted the entire platform.

Binance co-CEO Yi He comments on Kaiser’s departure, saying the outgoing CFO was pursuing “a new venture after more than five years at Binance”.

She adds that she wishes Kaiser well in his next role and that Justin Yek, a former VP of finance at Airwallex, will become the company’s new CFO.

Discussing his new role, Justin says: “Kaiser leaves behind a world-class finance team, and I’m grateful for his partnership and support throughout the transition over the past few months.”

He adds that he looks forward to leading Binance’s “talented team” as it continues to “scale responsibly and advance Binance’s mission globally”.

The world’s biggest crypto hack

Last week, hackers stole more than US$6.3bn from Binance, in what industry analysts are calling the biggest heist in the history of cryptocurrency.

Before the Binance hack, the largest crypto heist was in early 2025, in which Bybit – a Dubai-based crypto exchange – lost 400,000 ETH worth US$1.4bn.

The hack came as the crypto industry was becoming more popular among everyday consumers and at a time when the growing scale of AI continued to present new cybersecurity challenges.

Several other crypto exchanges such as Coincheck and Mt. Gox were impacted by hacks, which similarly saw the theft of hundreds of millions of dollars in crypto.

Binance announced that it had replenished 98% of the impacted token assets and that US$2.85bn in stolen crypto had been frozen or intercepted.

Discussing the incident, Binance says: “Binance has already reserved over US$6.34bn of company funds to cover this incident. US$5bn of these funds are already held in the exact token assets that were impacted.

“We will continue to use company resources to cover confirmed shortfall and will provide further verified updates as recovery efforts progress. Ultimately, all user funds will be verified publicly through our Proof of Reserves.” 

The company also says it is working with the US government and industry partners to trace the stolen funds while enhancing its existing cybersecurity systems.

Binance states that hackers used a fake job interview to compromise an employee’s workstation before they attacked internal systems to authorise cryptocurrency transactions.

Potential culprits behind the attack

While the exact culprit is yet to be identified, industry analysts suspect that North Korean hackers may be involved, as many have cited previous hacking attempts by those associated with the country.

US blockchain analytics firm TRM Labs says the attack was similar to the hack at Bybit, which the US government attributed to North Korea.

The firm adds that the attack was conducted by TraderTraitor, North Korea’s key hacking unit, and that its evidence was based on “robust on and off-chain intelligence”.

“We make this judgement with high confidence,” it adds.

Binance partners:

Mastercard: Binance partners with Mastercard to facilitate seamless crypto-to-fiat transactions, allowing global users to purchase digital assets and spend balances effortlessly.
CEO: Michael Miebach | Headquarters: Purchase, New York, US

Fireblocks: Binance collaborates with Fireblocks to integrate enterprise-grade security infrastructure, streamlining digital asset custody, settlement flows, and institutional trading operations safely.
CEO: Michael Shaulov | Headquarters: New York, New York, US

CertiK: Binance works closely with CertiK to audit smart contracts, analyze decentralized protocol risks, and strengthen overall Web3 blockchain ecosystem security.
CEO: Ronghui Gu | Headquarters: New York, New York, US