CZ Says Binance Appears to Have Been Hacked; User Funds Are Safe
Changpeng Zhao, the founder of global cryptocurrency exchange Binance, has publicly acknowledged the possibility of a hack. Based on his account, Tether and Circle froze about $1.8 billion. Zhao said user funds are safe and that he expects all customers to be made whole.In a post on X on Oct. 29, Zhao wrote that "it appears there was a hack at Binance" and that "user funds are safe." The founder addressed the matter directly after suspicions of a hack surfaced alongside large-scale fund freezes.Earlier that day, Tether was reported to have frozen 971,149,299 USDT, worth about $971 million. Circle also appears to have frozen about $823 million the same day. Zhao thanked Tether and Circle for their swift action in freezing the funds.He added that he is no longer involved in Binance's management and, as a shareholder, expects all user funds to be fully reimbursed.