Binance CFO Kaiser Ng Steps Down Days After Record $6.3 Billion Hack

Binance CFO Kaiser Ng is stepping down to “pursue a new venture”, the world’s largest crypto exchange said, just nine days after hackers stole more than $6 billion from the platform in the biggest crypto theft on record.

Binance co-CEO Yi He said Ng is leaving after more than five years at the company and that a transition plan had been in place for about six months, well before the October 29 hack. Justin Yek, most recently vice president of finance at payments company Airwallex, will take over as the new Binance CFO.

The company did not say when Ng’s exit takes effect or what his new venture will be.

Binance CFO Change at a Glance

The Record Hack Behind the Headlines

On October 29, attackers drained about $6.3 billion in crypto from Binance across several blockchains. Binance and the US FBI have blamed TraderTraitor, a North Korean hacking group that has been linked to some of the largest crypto thefts of recent years.

Binance froze withdrawals for several days after the attack. It then said it had replaced about 95% of the affected assets with its own funds, published a proof-of-reserves snapshot and began restoring withdrawals on November 2. Users pulled out a net $3.6 billion in the first hours after accounts were unfrozen. Binance has said the losses “will not be passed on to users”.

Blockchain analysts have since tracked the hackers swapping part of the stolen tokens into around $124 million worth of bitcoin.

How the Binance CFO Exit Affects You

For ordinary users, including the large number of crypto traders in Pakistan, the change at the top of Binance’s finance team does not change how accounts, deposits or withdrawals work. Binance has said users will not bear the losses from the hack, and withdrawals have resumed.

However, the timing has drawn attention, because a chief financial officer oversees the reserves and balance sheet that customers rely on. Users who keep large balances on any exchange are generally advised to turn on two-factor authentication, use withdrawal address whitelists and consider moving long-term holdings to their own wallets.

Biggest Crypto Hacks on Record

• Binance, October 2026: about $6.3 billion, now the largest crypto theft on record
• Bybit, February 2025: about $1.5 billion, also blamed on North Korean hackers
• Ronin Network, March 2022: about $620 million
• Poly Network, August 2021: about $610 million, most of it later returned

How to Protect Your Crypto on Any Exchange

• Turn on two-factor authentication with an authenticator app instead of SMS.
• Use withdrawal address whitelisting so funds can only go to wallets you have approved.
• Keep long-term holdings in your own hardware or software wallet rather than on an exchange.
• Be careful of fake “refund” or “compensation” messages after a hack; scammers often use big news to trick users.

These steps apply to every exchange, not only Binance, and they matter most when headlines about hacks and leadership changes make users nervous.

What Happens Next

Justin Yek is expected to take charge of Binance’s finances as the exchange continues to deal with the aftermath of the hack, including recovering funds, working with investigators and rebuilding trust with users and regulators. Binance has not announced any other leadership changes.

For official updates, visit the Binance website.

Read More: Binance Withdrawals Resume, $3.64bn Pulled in 9.5 Hours