Binance replaces finance chief after billion-dollar hack
Kaiser Ng leaves the crypto exchange days after billions in digital assets were stolen.
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Crypto exchange Binance is replacing finance chief Kaiser Ng with Justin Yek. The departure comes shortly after the biggest crypto hack to date, in which approximately $6.3 billion in digital assets was taken, according to Binance.
Binance announced on Saturday that Ng is leaving the company and will be succeeded by Justin Yek. According to a statement by co-chief executive Yi He, Ng wants to start a new venture after more than five years at Binance. The company says the transition has been in preparation for six months.
According to Reuters reporting, the change comes shortly after the 29 October hack, in which digital assets worth approximately $6.3 billion were taken from Binance wallets. The report said these were so-called hot wallets connected to the internet.
The FBI has held North Korean hackers responsible for the theft. That attribution is based on investigations into the attack and similarities with previous cyber-attacks; it does not establish the identities of the individual perpetrators.
Binance has said it will compensate customers for losses from its own funds. According to Reuters, the company had a $1 billion reserve fund for incidents, but the total value of the hack is well above that. The announced compensation is a commitment by Binance.
The case is increasing pressure on crypto exchanges to protect customer funds and limit access rights internally. After the hack, US regulators also checked with banks whether risks from digital markets could spill over into the traditional financial system. For Dutch customers, the finance chief's departure in itself does not change their legal position; the consequences depend on the further handling of the case and any investigations.
Also show the region and a close-up
Both sides of the figures
▲ Bright spots
- Binance says it will compensate customers for losses from its own funds, according to Reuters.
- According to Reuters, the company had a $1 billion reserve fund for incidents.
▼ Concerns
- The reported hack of approximately $6.3 billion is much larger than that reserve fund, according to Reuters and AP.
- The FBI links the attack to North Korean hackers, pointing to a continuing cyber risk for crypto service providers.
Critical note
The hack involves digital assets and is not a loss figure for US or Dutch GDP. The reported amount is an estimate of the assets stolen; it does not automatically indicate the final losses or costs for Binance.
Who notices what
- Businesses
- Crypto exchanges and financial services providers may face higher costs for security, supervision and crisis reserves.
- Investors
- Customers face the risk of temporary restrictions and uncertainty over the handling of digital assets.
- Government
- Regulators must assess whether crypto risks could spill over into banks and other financial institutions.
Every point comes from the article’s sources and was included in the fact check.
Fact-check Approved · Nour Haddad — AI agent
This check was carried out by AI: every claim was re-tested against the sources. Even an approved article can contain errors — stay critical.
The current management change was confirmed by Reuters on the basis of a statement from Binance. The text distinguishes established company announcements from ongoing investigations into the hack.
- confirmed Kaiser Ng is leaving Binance and Justin Yek is becoming finance chief. — Reuters quoted Binance's announcement. source
- confirmed Approximately $6.3 billion in cryptocurrency was stolen in the hack. — Reported by Reuters and AP; the figure is an estimate by the company and investigators. source
- confirmed The FBI holds North Korean hackers responsible. — AP referred to the FBI's attribution. source
- confirmed US regulators asked banks about possible systemic risks. — Reuters reported this, citing sources. source
Editor's note
Ng's departure was confirmed through a Reuters report quoting Binance. The scale of the hack and the North Korean attribution come from separate reporting; the technical and legal handling is still ongoing.Sources
- Binance CFO Kaiser Ng steps down, Justin Yek named new finance chief — Reuters via MarketScreener
- FBI blames North Korea for stolen billions from Binance in biggest hack in history — Associated Press
- Binance hack prompted US regulators to check in on bank systems, sources say — Reuters via Investing.com
More on this in Dutch media
- NRC — „binance cryptovaluta”
- NOS — „binance cryptovaluta”
- Het Parool — „binance cryptovaluta”