Summary
- Changpeng Zhao, or CZ, said "it appears there was a hack at Binance," acknowledging the possibility of a breach.
- Tether was reported to have carried out a USDT freeze worth about $971 million, while Circle appears to have frozen about $823 million.
- CZ said user funds are safe and that he expects full reimbursement for all customers.
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Circle Also Freezes $823 Million
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.
Doohyun Hwang
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