After five years as CFO of Binance, I have decided to go build something of my own.
The past ten years in the digital asset exchange space have felt surprisingly short, because I enjoyed what I was doing. Having passion for what you do is so important, and I will come back to this point. 8am to 2am became a work habit. When I felt exhausted past midnight, I would just look up at the Kobe Bryant's statue standing in the corner of my office, and go right back to the grind!
It has been the privilege of my career to help steward the finances of the world's largest digital asset exchange through a period that tested our industry in every way: bull and bear cycles, Operation Choke Point 2.0, and a regulatory landscape that evolved as quickly as the technology itself. Finance is seldom the loudest function in a company, but it is where trust is earned. Over these five years, we transformed Finance from a pure back-office function into one that consistently generates new ideas and revenue opportunities for the company. We became amazing problem solvers. Finance understood the products and metrics as well as the business units themselves. Proud of what we have built together, and I am pleased to hand the keys to Justin, our next CFO.
I want to take this opportunity to thank CZ, Yi, Richard, and the leadership team for their confidence and, above all, the amazing Binancians around the world whom I had the honor of working with. You are the reason the company stands where it does today. Binance is in very capable hands.
The company continues to grow and evolve with the successful launch of TradFi assets and AI-powered user interfaces. I’d like to express my gratitude to MGX for the trust; to our home regulator Abu Dhabi Global Market and all regulators we work closely with; and to our business partners, including BlackRock, Circle, Franklin Templeton, Mastercard, our banking partners and payment channels, as well as our advisors and auditors. Special thanks to Grant Thornton Singapore and everyone who has supported Binance.
As for what comes next, well, there isn't just one project but several that I am passionate about particularly in sports and entertainment, from basketball and music, to GPUs, robotics, gold and collectibles. Bringing these real-world assets onto the blockchain through tokenization is a massive opportunity for the industry, and a big unlock for everyone. I welcome anyone with a passion in these areas to message me and potentially join my team. Even better if you love Kobe ;)
Moving from the CFO's chair to the founder's is a leap, and I take it with humility. I deeply believe it is where I can make a greater contribution to AI and Web3.
For now, thank you, Binance, for five remarkable years.
🚨 JUST IN: Former FBI agent Patrick Steven Yaroch pleads guilty to stealing $2.47 MILLION in crypto using wallet credentials obtained during 35 FBI investigations.
He carried out nearly 100 unauthorized transfers, even stealing from an FBI-controlled wallet.
He now faces up to 20 YEARS IN PRISON.
Binance CFO Kaiser Ng is leaving the company just days after a massive $6.3 billion crypto hack.
Ng is stepping down after more than five years at Binance to “pursue a new venture,”
Hackers stole $6.3 billion in cryptocurrency from Binance users, with the company and FBI blaming North Korean hacking group TraderTraitor.
Binance froze withdrawals for several days. Once they reopened, users pulled out a net $3.6 billion within just a few hours.
FORMER FBI AGENT PLEADS GUILTY TO $2.47M CRYPTO THEFT
Patrick Steven Yaroch drained $2.47M across 35 FBI investigations using stolen credentials for roughly 100 illicit transfers.
Court filings show he laundered proceeds to clear debt and buy a Portuguese vineyard recommended by ChatGPT.
The breach compromised sensitive nation-state operations, leaving Yaroch facing up to 20 years in prison at his March 2027 sentencing.
UPDATE: Binance hack laundering operation spans 20,000+ wallets across 16 blockchains
Elliptic says North Korea-linked attackers have converted about $124 million into Bitcoin, while roughly $2.85 billion remains frozen and only a small amount has likely been cashed out.
IT'S OFFICIAL: French bank Crédit Mutuel Arkéa now admits around €100 million is missing after a cyberattack it calls "a sophisticated attack from the outside".
French prosecutors, Kraken, https://t.co/uOgPGgy6sQ, and Tether have all moved to contain the fallout.
How did the hackers get in?
Through the platform of one of the bank's service providers. The bank says it was NOT human error.
Whose money moved?
The bank's OWN. The hackers used its account to send transfers to other banks, then into crypto.
How fast?
Exchange withdrawals took about 21 hours. $63 million in stablecoins became ETH in about 4 hours.
How much was stopped?
Tether froze about $1.1 million. Circle reportedly froze ZERO of the USDC. Part went into Monero.
How rare is this?
A cyber consultant told Le Monde: "Normally, this does not happen to banks."
So who pays for it?
Not customers, the bank says. The money left its own account, and it held €212 billion in assets at the end of last year.
We trust banks because they are supposed to be the hardest target.
And now one supplier's platform was enough to send €100 million out the door.
This could become one of the biggest bank security failures of the crypto era.
The bank still can't say how much it will get back. Follow me to see how much of the €100 million returns.
🚨 $100 MILLION+ traced to a single scam compound.
FATF has identified a cluster of crypto wallets linked to the movement of over $100M in victim funds.
A massive financial trail exposing the scale of organized crypto scams. 🔍
🚨 Fed and OCC Scrutinize US Banks Following Binance Security Breach
US regulators have reportedly reached out to banks in the wake of last week's $6.3 billion security hack at Binance. Industry experts have subsequently raised alarms regarding transaction security and broader risks associated with cryptocurrency.
#binance #hack #fed #security
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