czrespondstocryptohack

Binance founder Changpeng Zhao CZ has reacted to the massive security incident affecting Binance and his message to users is clear
User funds are safe
CZ said the incident appears to be a hack and thanked Tether and Circle for quickly freezing a large amount of the affected funds
He also reminded the community that he no longer manages Binance but as a shareholder he expects all user losses to be fully covered
Binance has estimated the impact of the incident at around $6.3 billion while roughly $3 billion in affected assets has already been frozen
CZ later pointed out that Binance also has financial resources including its SAFU fund and other assets that could help absorb the remaining losses
The incident is another reminder that even the biggest platforms in crypto can face serious cybersecurity risks
For now the biggest question is how much of the stolen crypto can ultimately be recovered
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