Changpeng Zhao announces full compensation for Binance users after cyberattack

Official acknowledgement of the incident

Changpeng Zhao, co-founder and former head of the Binance platform, publicly confirmed that an attack was carried out on the exchange. In his statement, he emphasised that despite this incident, clients' financial assets remain protected.

Freezing of stolen funds

The former exchange founder expressed gratitude to Tether and Circle for their prompt actions. Thanks to their response, a significant portion of the stolen funds was successfully frozen. According to data provided by Zhao, Tether recorded a freeze of approximately $971 million, while Circle froze $823 million. These measures allowed for a substantial reduction in the negative consequences of the attack.

Guarantees for users

Notably, Zhao no longer participates in the daily management of the exchange. However, citing his status as a major shareholder, he stated that he expects full compensation for any potential losses for all affected users.

In his words, Binance has sufficient resources to fully cover the damages and guarantee the security of its clients' balances.