Binance CFO Kaiser Ng steps down following 6.3 billion dollar hack

Binance Chief Financial Officer Kaiser Ng is leaving the cryptocurrency exchange after more than five years with the firm. Gizmodo, TechCrunch, and BigGo Finance all reported that Ng is stepping down shortly after a major security incident at the company. In a statement obtained by Bloomberg, Binance co-chief executive officer Yi He stated that Ng is stepping down to pursue a new venture. [1][2][4]

The departure follows a major security breach where hackers stole 6.3 billion dollars worth of cryptocurrency from Binance users. TechCrunch and Gizmodo both report that the theft occurred roughly a week prior to the executive departure announcement. Following the exploit, Binance froze customer withdrawals for several days. TechCrunch reported that once accounts were unfrozen, users processed net withdrawals totaling 3.6 billion dollars. [1][2]

Binance management denied that the executive resignation was connected to the security breach. Gizmodo and TechCrunch both reported that Yi He stated a transition plan had been implemented over the last six months to manage the departure. Gizmodo added that third-party security firm TRM Labs and the FBI have assigned primary blame for the heist to TraderTraitor, a state-linked North Korean hacking group. [1][2]

The attack stands as the largest cryptocurrency heist on record. On 29 October 2026, 6.3 billion US dollars worth of digital currency was stolen from the exchange, primarily affecting the Ethereum and Bitcoin blockchains. Approximately 3 billion dollars of the stolen stablecoins were frozen on the day of the heist, while North Korea has denied involvement in the breach. [9]