Binance founder Changpeng Zhao said losses from the exchange’s security incident could exceed a roughly $1 billion estimate, while saying they would be covered. His October 29 reply read: “Loss might be a bit higher than that, but will cover.”
Zhao was responding to 0xngmi, who estimated remaining losses at around $1 billion after USDT and USDC freezes and cited approximately $144 billion in assets under custody. The figures were the analyst’s assessment, rather than a final loss statement issued by Binance.
Loss might be a bit higher than that, but will cover.
— CZ (@cz_binance) October 29, 2026
One billion dollars divided by $144 billion is approximately 0.69%, but a larger loss would produce a higher percentage. Custody assets also differ from the exchange’s own capital: Binance’s reserves explanation identifies assets held for users. That comparison alone cannot establish how reimbursement would be funded.
The discussion follows Tether’s confirmation of a USDT freeze exceeding $1.567 billion and Circle’s confirmation of more than $800 million in frozen USDC. Immobilizing tokens does not itself mean they have been recovered or that customers have been reimbursed.
Zhao previously said he no longer manages Binance and was speaking as a shareholder. His latest comment gives no exact final loss, funding breakdown or reimbursement timetable. Binance’s own statement says user funds are completely safe as its investigation continues.
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