Binance names Airwallex veteran Justin Yek as CFO after $6.3B hack

What's the deal? Binance has appointed Justin Yek, formerly vice-president of finance at Airwallex, as its new chief financial officer. He replaces Kaiser Ng, who is leaving the world's biggest cryptocurrency exchange after more than five years to pursue "a new venture."

Why now? The change lands just over a week after hackers stole $6.3 billion from the platform in a record heist. Binance says Ng's exit was planned, with co-chief executive officer Yi He noting "a transition plan implemented over the last half year."

Context: Ng has served as CFO since January 2022 and previously worked at rival exchange KrakenDealroom has a profile for this one. Try Dealroom →. Yek brings payments-sector experience from Airwallex, where he led finance.

What could go wrong? Yek inherits a balance sheet under strain. Binance has said it will fully reimburse affected customers, but withdrawals hit $3.64 billion when the exchange reopened, making financial stewardship his immediate test.

Binance says the October 29 breach began with malware hidden in software downloads and fake job offers targeting engineers, a scheme that started months earlier by compromising several employees' computers. The FBI has blamed a North Korean hacking group; Pyongyang denies it.

The signal: The theft has prompted rivals including Coinbase and Kraken to review their defenses, underscoring the trust and operational risks facing major exchanges. For Binance, installing a payments-focused finance chief signals a push to shore up credibility as it absorbs the fallout.

Read more: investing.com

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