THE STREET · 2026-10-29 21:52 UTC

Binance major shareholder says user funds are safe after reported $2.5B hack

Binance reported a potential security issue and is investigating; the exchange has not confirmed any impact to user funds. Former CEO and majority shareholder Changpeng Zhao said user funds are safe and described it as appearing to be a hack; Tether froze $1.567B in USDT and Circle froze $823M in USDC. Analyst Justin Kalland estimated over $2.5B in various tokens were drained from a Binance hot wallet, though Binance has not confirmed this figure.

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