Binance CFO steps down nine days after the record hack, in a planned handover

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Binance has a new chief financial officer. The Block reports that Kaiser Ng, CFO since January 2022 and previously at Kraken, is leaving to pursue a new venture, and will be replaced by Justin Yek, a former finance vice president at Airwallex

Co-CEO Yi He said the transition had been planned for around six months, well before the recent hack. The timing, nine days after the attack, drew attention anyway

The 29 October hack drained more than $6 billion, which the article calls the largest crypto theft on record, and the FBI attributes it to North Korea's TraderTraitor group. Binance says it has replenished about 95 percent of the assets

Blockchain analytics firm Elliptic says the hackers have swapped $124 million of stolen tokens into bitcoin. Those funds will be closely tracked

A planned handover is believable, since senior changes usually take months to arrange, but the timing was unlucky. Replenishing most of the stolen funds has helped protect customers. Tracking the stolen money as it moves into bitcoin will be closely watched

Does the timing of this change worry you? And how should exchanges protect themselves after such a huge theft?

Binance Cfo Steps Down Nine Days After Record Hack Co Ceo Says Transition Was Planned Six Months Ago 435992www.theblock.co