Binance CFO Kaiser Ng is leaving the cryptocurrency exchange to pursue a new venture. The departure follows a $6.3 billion hack attributed to the North Korean group TraderTraitor.
Leadership Transition at Binance
According to Bloomberg, co-CEO Yi He released a statement confirming the change. He said Ng’s departure will allow him to “pursue a new venture after more than five years at Binance.” Yi He added that a transition plan has been “implemented over the last half year.”
The announcement comes barely more than a week after hackers stole $6.3 billion worth of cryptocurrency from Binance users. The company froze withdrawals for several days. After accounts were unfrozen, users withdrew a net $3.6 billion in the first few hours.
Attribution and Financial Impact
Binance and the FBI blamed a North Korean group called TraderTraitor for the hack. The company also said that it would cover all losses, promising, “Binance will bear the financial impact of the stolen funds. These losses will not be passed on to users.”
Source: TechCrunch
