Binance announces the departure of Kaiser Ng, its financial director, nine days after the $6.3 billion hack that occurred on October 29, 2026. The crypto exchange confirmed on Saturday November 7 that Justin Yek, former financial manager of Airwallex, will succeed him. Co-director General Yi He, however, assures that this transition had been prepared for six months, well before the attack. No connection between the two events has been established.
In brief
- Kaiser Ng leaves Binance CFO after more than five years at the company.
- Justin Yek, former vice president of finance at Airwallex, will take over.
- Binance claims that this change had been in the works for six months, before the hack.
Binance announces departure of Kaiser Ng after hack
The announcement comes as Binance attempts to return to normal operations after the $6.3 billion hack planned for several months. On November 7, the platform confirmed a change at the head of its financial management. Kaiser Ng leaves his position after more than five years at Binance.
He had held the position of financial director since January 2022. Before joining the company, he had notably worked at Kraken, another large cryptocurrency exchange platform. His departure comes at a particularly sensitive time for Binance.
Nine days earlier, hackers had siphoned approximately $6.3 billion in digital assets from several wallets on the exchange. The company had to temporarily suspend withdrawals and mobilize significant financial resources to replace the missing funds.
The change of financial manager could therefore raise questions. Yi He quickly provided clarification. According to the co-general director, Kaiser Ng wishes to pursue a new professional project and a transition plan had already been implemented over the past six months.
The decision would therefore have been prepared well before the hack. Binance has not communicated the exact date when Ng will permanently leave his position. The company also did not specify the nature of its next activity.
Justin Yek takes over as financial director of Binance
To replace Kaiser Ng, Binance calls on Justin Yek. This financial executive most recently served as vice president of finance at Airwallex, a company specializing in international payments and financial services for businesses.
He has extensive experience in financial management. His arrival comes as Binance must ensure the financing of its operations, manage its reserves and continue to reconstitute the assets affected by the hack.
The responsibilities of the new financial director will therefore not be limited to the company’s usual accounts. Binance must also follow the economic consequences of an attack that resulted in the misappropriation of several billion dollars across different blockchains.
The role of a financial manager includes overseeing cash flow, available resources, financial planning and financial risks. However, the platform has not announced any specific changes to this function following the appointment of Justin Yek.
There is also no information to confirm that his recruitment is a direct response to the consequences of the hack. The transition comes as a company seeks to maintain operations while strengthening security. For Justin Yek, taking office therefore coincides with a period of significant reorganization.
Binance still has to deal with the consequences of the $6.3 billion theft
The hack of October 29 continues to mobilize Binance teams. According to initial findings of the investigation, the attackers used malware and fake job interviews to compromise the computers of several engineers.
The FBI attributes the operation to the North Korean group TraderTraitor, an accusation rejected by Pyongyang. Binance promised to fully cover losses. At the beginning of November, the company announced that it had reconstituted approximately 95% of the assets concerned thanks to its own resources and its protection funds. This percentage does not correspond to the amount recovered from the pirates.
The resumption of operations also caused significant financial movements. On November 3, deposits again became greater than withdrawals. Tremplin.io then reported that Binance saw $2.3 billion in net inflows in 24 hours. The sorties accumulated since the attack nevertheless remained significant. During Hong Kong Fintech Week, Richard Teng, co-CEO of Binance, assured that the financial situation of the exchange remained solid.
Teams must also continue the investigation and strengthen the systems used to authorize transactions. Kaiser Ng’s replacement therefore comes during a financially busy period. But there is no evidence to suggest that the financial director is leaving the company because of the attack.
Above all, the new manager inherits a platform engaged in a multi-billion dollar reconstitution operation. The recovery of the stolen funds also remains unfinished. In particular, investigators continue to monitor the transfers of hackers, who modify their methods for converting and moving stolen cryptocurrencies. For Binance, the arrival of Justin Yek opens a new financial chapter, while the consequences of the hack continue to weigh on the company.
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