Binance CFO exits after $6.3B crypto hack
What's the story
Kaiser Ng, the Chief Financial Officer (CFO) of cryptocurrency exchange Binance, is leaving his position. The move comes just a week after a major security breach that saw $6.3 billion stolen from the platform. The attack has been largely blamed on TraderTraitor, a North Korean state-linked group, by third-party security firm TRM Labs and the Federal Bureau of Investigation (FBI).
Departure details
Ng's exit not related to recent hack
Binance co-CEO Yi He, in a statement to Bloomberg, clarified that Ng's exit was not directly related to the recent hack.
He said, "Kaiser Ng has decided to pursue a new venture after more than five years at Binance," adding that the transition plan was implemented over the last six months.
Justin Yek has been named as the new CFO of Binance as the cryptocurrency exchange works on rebuilding trust and strengthening its security measures.
Financial responsibility
Binance to bear financial brunt of the hack
In an incident report released earlier this month, Binance said it would bear the financial brunt of the attack, not its users.
The company also said other firms had managed to freeze or intercept about $2.85 billion in stolen assets.
However, it remains unclear what will happen to the remaining assets worth an estimated $3.3 billion that eluded Binance's grasp.
Information
Binance's net-outflows reach $3.6B
Despite the massive hack, Binance was able to cover the entire $6.3 billion loss with its own funds. The company paused withdrawals for several days after the attack but reopened them soon after, with users withdrawing a net $3.6 billion in just a few hours.