Binance names new CFO days after record $6.3B hack, vows customers won’t pay Binance has appointed a new chief financial officer just over a week after suffering what the company called a roughly $6.3 billion security breach — the largest digital-asset theft on record. Co-CEO Richard Teng told FOX Business the exchange will absorb the losses and customers “will not bear any losses,” and that Binance has already replenished the vast majority of affected tokens. Leadership change was already planned Kaiser Ng, who has been Binance’s CFO since January 2022 (and had prior experience at Kraken), is leaving after more than five years to pursue a new venture, Binance co-CEO He Yi said. Justin Yek, a former finance executive at global payments firm Airwallex who has worked at Morgan Stanley and Citi, will succeed Ng. Binance told FOX Business the transition was planned more than six months ago and is unrelated to the Oct. 29 security incident; the appointment was announced nine days after the hack. What happened in the hack Binance estimates the incident may have affected about $6.3 billion in crypto assets. Early company statements said roughly $3 billion of those funds had been frozen; in a Nov. 3 update Binance reported that about $2.85 billion in stolen assets had been frozen or intercepted and that it has replenished approximately 98% of the affected token holdings. Binance founder Changpeng Zhao described the event as a hack and thanked other crypto firms that helped freeze assets. The company and the FBI say the attack began with a bogus job interview that compromised an employee’s machine. Attackers then abused internal systems — including an internal AI tool, Binance says — to authorize illicit transactions. U.S. authorities have attributed the operation to North Korean-linked hackers tied to a group referred to as “TraderTraitor.” Binance’s response and next steps Binance says it is working with law enforcement and industry partners to trace and recover funds while accelerating cybersecurity upgrades. The CFO handover comes as the exchange focuses on financial stewardship and risk controls while managing fallout from the breach. Justin Yek, who previously served as Airwallex’s vice president of finance and was named head of strategic finance and corporate development there in February 2023, thanked Ng for a multi-month transition and said he looks forward to “leading our finance organization as we continue to scale responsibly.” (Reporting attributed to FOX Business; Reuters contributed.) Read more AI-generated news on: https://app.chaingpt.org/news