CZ Says He Will Cover the Related Losses
Binance co-founder Changpeng Zhao (CZ) posted on his X account on October 29, 2026, in response to discussion about the scale of the remaining losses after the freeze, saying that the losses may be slightly higher than that figure, but he will cover them.
Earlier the same day, CZ had posted that user funds were safe and said the related outflows looked like a hacker attack targeting Binance. He thanked Tether and Circle for their quick freezes, and said he no longer manages Binance.com, but as a shareholder, he expects all user funds to be fully covered.
Original source:
Title: Loss might be a bit higher than that, but will cover. 🙏 Publisher: CZ 🔶 BNB (@cz_binance) Publication date: 2026-10-29 URL: https://x.com/cz_binance/status/2115932500006756686 Nature of source: original post by Binance co-founder Verification status: the full text of the post and the related post earlier the same day were actually read for this report (2026-10-29) Supporting content: CZ’s core statement that he will cover the losses
ABAB AI Insight
CZ’s statement advances from saying that, as a shareholder, he expects the losses to be fully covered to saying that he will cover them. He explicitly said that he no longer manages Binance.com’s day-to-day operations, so the statement is a personal shareholder-level position rather than an official company announcement. Binance’s official stance had still been in the investigation stage and had said it had not yet confirmed the impact on user funds.
The coverage path could involve the company’s balance sheet, the SAFU emergency reserve, or other arrangements, but the specific mechanism, amount, and timing of execution have not been disclosed by the company. The freeze has limited further transfers of some stablecoins, but the scale of the remaining unfrozen assets and the final losses still await official confirmation.
The indicators to watch are whether Binance issues an official coverage statement, the specific use of SAFU or the balance sheet, and the finally confirmed amount of losses.
ABAB News · Laws of Cognition
A personal commitment by an exchange founder to cover losses is legally and operationally separate from a formal company announcement.
Statements about covering funds in a security incident usually come before the final confirmation of the loss amount and the official execution plan.