Binance Names Justin Yek CFO After $6.34 Billion Theft

Binance named Justin Yek as its new chief financial officer, succeeding Kaiser Ng in a handover the company says had been planned for six months. The appointment was announced November 7, nine days after a cyberattack on the cryptocurrency exchange on October 29 that affected digital assets valued at about $6.34 billion, according to Binance.

Co-CEO Yi He said Ng was leaving to pursue a new venture after more than five years at Binance. The company described the transition plan as having been underway for the preceding six months, placing its start before the theft. Ng had served as CFO since January 2022 and previously held a finance role at Kraken. Binance did not announce a date for his departure.

Yek most recently served as vice president of finance at payments company Airwallex. He will take over Binance’s finance organization as the exchange continues to address the financial impact of the breach. Yek said he looked forward to leading the organization as the company continued to expand. The announcement did not detail changes to the company’s security response or financial controls.

Binance’s November 3 incident report estimated affected assets at about $6.34 billion and...