Key Points

• Anchorage's Chief Financial Officer Kaiser Ng resigns after five years in the position
• Former Airwallex executive Justin Yek takes over financial responsibilities
• The exchange denies that this management change is related to the $6.3 billion hacker attack.

Anchorage's Chief Financial Officer Kaiser Ng will leave this cryptocurrency exchange. Just nine days after the company encountered a $6.3 billion security vulnerability incident, former Airwallex executive Justin Yek was appointed as his successor.

This management change was announced by Binance's co-CEO He Yiyu on November 7th. She stated that after working at the company for over five years, Ng decided to pursue a new venture. Binance mentioned that the handover process had been planned for more than six months and was not related to the attack that occurred on October 29th.

At the time of this announcement, Binance is still continuing to implement the recovery measures listed in its official security incident report, including replenishing reserves, rebuilding infrastructure, and conducting independent network security audits.

After Kaiser Ng stepped down, Binance appointed Justin Yek as CFO.

Ng has served as Binance's Chief Financial Officer since January 2022, during which time he has been responsible for the company's financial operations and has experienced significant changes at both the regulatory and business levels.

Before joining Binance, he worked at the cryptocurrency exchange Kraken. What new projects he will undertake next, as well as the exact date of his departure, have not been disclosed to the public yet.

Who replaced him is Justin Yek. Yek has recently served as the Vice President of Finance for Airwallex. Airwallex is a global payment and financial infrastructure company.

According to the management appointment announcement previously released by Airwallex, Yek joined the company in February 2023 and took on the role of Strategic Finance and Corporate Development Officer.

Earlier on, he held positions at Morgan Stanley and Citibank, possessing experience in banking, corporate finance, and fintech.

This appointment comes at a sensitive time for Binance. As the exchange resumed services after a hack, customer withdrawals reached a net outflow of approximately $4.72 billion.

However, Binance explicitly denies any connection between the security incident and the resignation of Ng.

Binance claims to have replenished 98% of its assets after a record-breaking hacking incident

A vulnerability incident on October 29th affected approximately $6.34 billion in cryptocurrency across multiple blockchains, making it one of the largest theft incidents disclosed in the history of digital assets.

A previous blockchain investigation revealed that the attack could be traced back to a transfer involving XRP, followed by unauthorized activities spreading to Bitcoin and Ethereum wallets.

Anchorage subsequently disclosed that the attackers obtained access to sensitive infrastructure by forging recruitment interviews, conducting malicious downloads, and exploiting compromised internal systems.

The exchange promises to bear the losses itself, rather than shifting them onto customers.

According to the recovery update released on November 4th, Binance has used its own resources to replenish approximately 98% of the affected assets.

Its latest reserve proof snapshot has expanded the coverage to 44 cryptocurrencies, whereas the previous report only covered 10.

The new chief financial officer faces significant recovery challenges

Despite significant progress in rebuilding customer asset support, Binance's recovery efforts are not yet complete.

As confirmed by previous reserve verifications, major cryptocurrencies already have sufficient support, while other assets with weaker liquidity still need to be further purchased to make up for the shortfall.

Binance also pledged to strengthen internal security measures, including stricter device controls, expanding monitoring based on AI, and introducing external network security assessments.

This incident has drawn further scrutiny from the outside world regarding Binance's cryptocurrency reserves, especially as large-scale asset transfers have made it more complicated to interpret the exchange's liquidity.