Binance CFO Resigns After Hackers Steal Over US$6 Billion

Binance chief financial officer Kaiser Ng is stepping down from the cryptocurrency exchange following an intrusion in which hackers stole more than US$6 billion (~RM24.3 billion) in crypto assets. The theft is believed to be one of the biggest to date. According to Binance, the security breach stemmed from malware concealed within software downloads and fake job recruitment campaigns targeting company engineers. The executive departure comes a week after the incident, though company leadership stated that a transition plan had been implemented over the previous six months.

Key Facts

How Did Attackers Infiltrate Binance?

According to Binance, the breach originated through malware hidden in software downloads and fake job recruitment efforts directed at company engineers. Unauthorised actors targeted technical personnel to penetrate systems, ultimately facilitating the theft of more than US$6 billion in crypto assets before the funds were transferred across decentralised networks.

The incident demonstrates how threat actors circumvent direct technical perimeter defences by exploiting human elements and deceptive employment lures. By compromising engineering endpoints through poisoned software, the perpetrators managed to extract significant funds, raising critical questions across the digital asset community regarding internal access controls and employee workstation security.

Binance stated that the breach started with malware hidden in software downloads and fake job recruitment efforts targeting engineers.

Who Is Believed to Be Responsible for the Attack?

The United States Federal Bureau of Investigation has attributed the theft to a group of hackers based out of North Korea. Investigators stated that the threat actors stole the digital assets and converted them into Ethereum, though authorities in Pyongyang have formally denied all allegations regarding their involvement.

Attribution in state-linked operations remains contentious. While US law enforcement maintains that North Korea-based cyber operatives orchestrated the attack and currency conversion, official denials from Pyongyang reflect ongoing geopolitical friction over international cyber operations. Global law enforcement agencies continue working with industry partners to track the subsequent movements of the converted Ethereum.

The US FBI pointed the finger at North Korea-based hackers for stealing the assets and converting them into Ethereum, an allegation Pyongyang denied.

How Much Capital Was Stolen and Recovered?

Hackers extracted more than US$6 billion (~RM24.3 billion) during the heist, making it one of the largest recorded breaches. Binance confirmed it has worked with blockchain partners to freeze approximately US$3 billion (~RM12.2 billion) of affected assets on-chain, while tracing operations continue for the remaining missing funds.

In the wake of the incident, chief financial officer Kaiser Ng is stepping down after more than five years with Binance. He will be replaced by Justin Yek, formerly vice president of finance at AirWallex. Binance co-chief executive officer Yi He noted that a transition plan had been implemented over the prior six months.

Binance has frozen approximately US$3 billion (~RM12.2 billion) in affected assets on-chain with the help of blockchain partners.

What Should You Do?

• No software patch is available yet, as the breach occurred through social engineering and malicious downloads rather than an identified software flaw.
• Exercise heightened vigilance regarding unsolicited recruitment messages, fake job offers, and recruiter correspondence targeting engineering and technical staff.
• Restrict and strictly audit external software downloads, preventing unverified executables from running on corporate networks and developer workstations.
• Malaysian organisations and users who suspect fraud or cyber incidents can report occurrences to Cyber999 via MyCERT or contact the National Scam Response Centre at 997.

Common Questions

Why is Binance CFO Kaiser Ng stepping down?

Kaiser Ng is leaving Binance to pursue a new venture after more than five years. Although his departure follows a week after the cyber heist, Binance co-CEO Yi He stated that a leadership transition plan had already been implemented over the last six months.

Who will replace Kaiser Ng as Binance CFO?

Justin Yek will assume the role of chief financial officer at Binance. Yek previously served as vice president of finance at AirWallex and stated that he looks forward to leading the finance organisation as the company continues scaling responsibly and delivering on its global mission.

How were the stolen funds processed by the attackers?

According to the US FBI, the attackers stole more than US$6 billion (~RM24.3 billion) in crypto assets and converted the proceeds into Ethereum. Binance and its industry partners have frozen approximately US$3 billion (~RM12.2 billion) on-chain while recovery efforts for the remainder proceed.

Sources and Methodology

This dispatch is based solely on reporting published by Lowyat.NET on 9 November 2026. No independent testing, secondary document verification, or inspection of external advisories was performed.