First departure since the historic breach: Binance replaces the CFO

Binance announced the departure of CFO Kaiser Ang and the appointment of Justin Yik in his place, nine days after the hack in which approximately $6.3 billion was stolen. The company claims the move was planned in advance, but the timing raises questions.

The world's largest cryptocurrency exchange, Binance, announced a change in its financial leadership just nine days after the historic hack in which assets worth approximately $6.3 billion were stolen. CFO Kaiser Ang is leaving the company, and will be replaced by Justin Yik, who previously served as Vice President of Finance at the payments company Airwallex. The company claims the change was planned about six months in advance, but the timing raises questions. The hack occurred on October 29, when hackers withdrew funds from ten blockchain networks in about 20 minutes. The FBI attributed the attack to a hacker group linked to North Korea. Binance stated that it covered the full damage and returned most of the funds to customers, but the change adds to the uncertainty surrounding the recent period.