Binance founder says exchange appears to be hacked $1.8 billion frozen Binance co-founder Changfeng Zhao says the exchange appears to have been hacked, with contact and circle freezing approximately $1.8 billion. Binance is investigating a potential security incident, while CZ says it expects user funds to be fully covered. Binance co-founder Changfeng Zhao said the cryptocurrency exchange appears to have suffered a hack, reporting that stablecoin issuers Tether and Circle have frozen nearly $1.8 billion following suspicious movements from wallets linked to the platform. In an Oct. 29 post on X, Zhao, known as CZ, said users' funds were safe and expressed confidence that customers would be fully covered. "It does look like a Binance hack," Zhao wrote. Binance separately acknowledged reports of a possible security issue and said its teams were investigating. The exchange has not yet released a final account of the event or confirmed the total amount of losses. Zhao addressed the reports after on-chain monitoring accounts detected large transfers from wallets marked as belonging to Binance. "User funds are safe! " He wrote, before acknowledging the possibility that the exchange suffered a security breach: "It looks like a Binance hack." He also thanked the two major stablecoin issuers for their response: “Appreciate the quick freeze from tether (~$971 million) and circle (~$823 million). "Continue.

Binance founder says exchange appears to be hacked $1.8 billion frozen Binance co-founder Changfeng Zhao says the exchange appears to have been hacked, with contact and circle freezing approximately $1.8 billion. Binance is investigating a potential security incident, while CZ says it expects user funds to be fully covered. Binance co-founder Changfeng Zhao said the cryptocurrency exchange appears to have suffered a hack, reporting that stablecoin issuers Tether and Circle have frozen nearly $1.8 billion following suspicious movements from wallets linked to the platform. In an Oct. 29 post on X, Zhao, known as CZ, said users' funds were safe and expressed confidence that customers would be fully covered. "It does look like a Binance hack," Zhao wrote. Binance separately acknowledged reports of a possible security issue and said its teams were investigating. The exchange has not yet released a final account of the event or confirmed the total amount of losses. Zhao addressed the reports after on-chain monitoring accounts detected large transfers from wallets marked as belonging to Binance. "User funds are safe! " He wrote, before acknowledging the possibility that the exchange suffered a security breach: "It looks like a Binance hack." He also thanked the two major stablecoin issuers for their response: “Appreciate the quick freeze from tether (~$971 million) and circle (~$823 million). "Continue.