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Canadian billionaire Changpeng Zhao’s Binance is losing its chief financial officer, little more than a week after the world’s largest cryptocurrency exchange suffered a $6.3 billion hack.
Kaiser Ng is leaving to pursue a new venture, Binance co-Chief Executive Yi He said in a statement on Saturday, according to Bloomberg. He will be replaced by Justin Yek, who most recently served as vice president of finance at Airwallex, a global payments company.
Yi He said the change followed “a transition plan implemented over the last six months,” indicating that Ng’s departure was planned before the Oct. 29 attack rather than prompted by it.
Ng joined Binance in January 2022 after about five years at rival exchange Kraken, according to his LinkedIn profile. Yek said he looks forward to overseeing Binance’s finances as the company continues to expand internationally.
The leadership change comes as Binance works to recover from what is likely the largest cryptocurrency theft on record. Hackers drained about $6.3 billion in digital assets from the exchange’s hot wallets, the online wallets used for routine payouts. The FBI attributed the attack to North Korean hackers on Oct. 31.
Since then, Binance has moved quickly to reassure customers. The exchange began restoring withdrawals in phases on Nov. 1, and Billionaires.Africa reported that it had replaced about 95% of the stolen assets using company funds, including its emergency reserve. Binance has said customers will not bear the losses.
The theft surpassed the roughly $1.5 billion stolen from Bybit in February 2025, which was also linked to North Korea. Blockchain analytics firm TRM Labs tied the Binance attack to TraderTraitor, the same group blamed for the Bybit theft.
Zhao, who founded Binance in 2017, stepped down as chief executive in 2023 under a plea agreement with US authorities but remains its largest shareholder. Forbes estimates he owns about 90% of the exchange, which accounts for most of his fortune.
His wealth estimates vary widely. Forbes has valued him at more than $100 billion, while Zhao said in October that he is worth $10 billion to $30 billion.
A day after the hack, Zhao told Elon Musk to stop mocking the theft after the Tesla chief responded with laughing emojis. In September 2025, Zhao had warned publicly about North Korean hacking tactics, including fake job interviews and attempts to gain insider access.
Binance also faces regulatory pressure in Nigeria, where the central bank concluded its testimony in April in a case alleging the exchange operated without authorization. Binance denies the allegations.
Meanwhile, Yek takes over the finance function as Binance prepares a full proof-of-reserves report to show customers that its balances remain fully backed.
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