Binance founder says suspected hack appears safe for user funds

Changpeng Zhao says Binance will fully cover any losses after billions flowed out of the exchange's hot wallets in under an hour Binance founder Changpeng Zhao says user funds are safe after a suspected hack drained an estimated $2.5 to $3.5 billion from the exchange’s hot wallets on October 29, 2026. He also says Binance will cover any losses in full. Forty minutes, billions of dollars Blockchain analysts flagged the activity between 20:24 and 21:04 UTC. Large sums left Binance hot wallets during that 40-minute window, including ETH, USDT, and USDC. Several details made analysts suspicious. The addresses receiving the funds were brand new, and the assets were pushed onward within minutes of arriving. The activity was also funded through Tornado Cash. That is a mixing protocol built to obscure where money came from. CZ addressed the situation on X at approximately 21:15 to 21:16 UTC. That was roughly ten minutes after the flagged outflows ended. He said the outflows appeared to be a hack. He added that user funds remained safe and stressed full coverage for any potential losses, speaking in his capacity as a shareholder. Binance has since confirmed that an investigation is underway...