Binance Hack: CZ Promises Full Reimbursement as Risks Persist

Binance founder Changpeng Zhao (CZ) says users affected by the reported $6.3 billion Binance hack will be fully reimbursed. He said he was speaking as a shareholder, not as an exchange manager. Binance estimates about $3 billion in assets have been frozen on-chain; the remaining losses are expected to be covered by its SAFU fund and company resources. The final bill will depend on how much stolen cryptocurrency can be recovered. Binance previously said withdrawals were expected to resume within 48 hours, while deposits remained available. Investigators are examining a potentially compromised computer as a possible entry point. A later report said Binance’s $500 million investment in Elon Musk’s acquisition of Twitter, now X, may be worth more than $1 billion. Binance has not said it will sell the stake or use it to reimburse users; the investment is in X, not confirmed SpaceX equity, and its estimated value may not be readily accessible as cash. The incident has shaken confidence in exchange security. The report put Bitcoin below $77,000 and noted additional pressure on BNB, leaving traders focused on recovery progress and the scale of any unrecovered losses.