Changpeng Zhao, founder of Binance, posted on X on October 29, 2026 stating that user funds are safe after what appears to be a hack on Binance. Zhao noted that the incident involved large freezes of assets from Tether and Circle, amounting to roughly $971 million and $823 million respectively. He clarified that he no longer manages Binance.com but, as a shareholder, expects all user funds to be fully covered. This comment matters because Zhao’s reputation carries weight in the crypto community and his reassurance aims to calm investors and users who worry about the security of their holdings on one of the world’s largest exchanges. The mention of Tether and Circle highlights the broader impact on stablecoin providers and underscores the interconnected risk in the crypto ecosystem.

“User funds are safe! It does look like a hack on Binance. Appreciate the quick freeze from Tether (~$971m) and Circle (~$823m). I don't manage Binance (.com) anymore, but as a shareholder, I expect all user funds will be fully covered.”

— Changpeng Zhao (@cz_binance) on X · X ↗

Changpeng Zhao is not affiliated with COINMAG. The quote comes from a public post on X; the context was written by the COINMAG newsroom.