Binance Says CFO Transition Plan Predated $6.3B Estimated Token Loss

Binance co-CEO Yi He said a chief financial officer transition plan had been implemented over the prior half year, placing the succession process before the exchange’s Oct. 29 hot-wallet breach.

Kaiser Ng is leaving after more than five years with Binance. Justin Yek, who previously led strategic finance and corporate development at Airwallex, is set to succeed him as CFO. Binance has not provided dates for Ng’s departure or Yek’s start. TokenPost previously covered Ng’s departure and Yek’s appointment; He’s statement added the timeline for the transition plan.

Binance initially estimated token losses at about $6.3 billion. The exchange said its hot wallets were compromised at 4:05 p.m. ET (20:05 UTC) Oct. 29. On Tuesday, Nov. 3, Binance put affected virtual assets at about $6.34 billion and said about $2.85 billion had been frozen or intercepted.

Binance also said it had replenished 98% of affected token assets as of Nov. 3 and would absorb the financial impact. The affected-asset total, frozen or intercepted amount and replenishment rate describe separate measures; they do not establish a final net loss. Binance said its investigation was ongoing.