Binance Says CFO Kaiser Ng Is Leaving After More Than Five Years

According to TechCrunch, citing Bloomberg, Yi He said a transition plan had been “implemented over the last half year.” That phrasing is doing obvious work. It presents Ng’s exit as something long arranged, not a scramble inside a company dealing with the fallout from a huge theft.

The announcement arrives after hackers stole $6.3 billion worth of cryptocurrency from Binance users, according to TechCrunch. Binance froze withdrawals for several days. After accounts were unfrozen, users withdrew a net $3.6 billion in the first few hours, a figure that says more about the pressure on confidence than any polished corporate statement could.

Finance chiefs are not ornamental in a moment like this. They sit close to the questions customers and counterparties care about most: whether losses can be absorbed, whether liquidity is steady, whether the institution can explain itself without blinking. In crypto, those questions tend to get answered at speed.

TechCrunch reported that Binance and the FBI blamed the hack on a North Korean group called TraderTraitor. Binance also said it would cover all losses, promising that “these losses will not be passed on to users.”

So Binance is asking customers to accept two things at once: that it can bear the financial impact of the theft, and that the departure of the executive overseeing finance is part of an orderly plan already underway.