Binance founder Changpeng Zhao, popularly known as CZ, has confirmed a suspected security breach involving the world’s largest cryptocurrency exchange, assuring users that their funds are safe.
Zhao said the incident appeared to be a hack but expressed confidence that all affected users would be fully covered. He also clarified that he no longer manages Binance but remains a major shareholder.
Binance later disclosed that the estimated impact of the security incident was about $6.3 billion, with approximately $3 billion in affected assets frozen through its blockchain partners. The exchange said its initial investigation pointed to a potentially compromised DevOps engineer’s laptop, which may have enabled unauthorised withdrawal transactions.
The company said it would cover all losses using its Secure Asset Fund for Users (SAFU) and corporate funds. Deposits and withdrawals were temporarily suspended while investigations and security checks continued.
