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Binance's CFO Is Out a Week After $6.3 Billion Hack
Gizmodo • • business
Key Points:
- Binance CFO Kaiser Ng has departed the company following the recent $6.3 billion hack, with the firm stating his exit was planned over six months and unrelated to the security breach.
- The hack, attributed by TRM Labs and the FBI to a North Korean-linked group called TraderTraitor, resulted in Binance covering the full financial loss from its own funds.
- Approximately $2.85 billion of the stolen assets have been frozen or intercepted with the help of other firms and ongoing FBI cooperation, though around $3.3 billion remains unaccounted for and likely laundered.
- Justin Yek has been named as Binance’s new CFO, while the company maintains it will bear the financial impact rather than its users.
- The incident highlights the challenges of cryptocurrency recovery and the differing culture in crypto finance, where some firms reportedly profited from laundering stolen tokens.
