Changpeng Zhao stated that user funds on Binance remain secure. However, analysts report that hackers may have stolen at least $1.7 billion, with the total possibly higher.
The incident could rank as the largest cryptocurrency theft ever recorded. Details about how the breach occurred are still emerging.
Binance has not confirmed the exact amount lost. The exchange is working with authorities and blockchain analysts to trace the stolen assets.
Zhao addressed users publicly to reassure them about account safety. He did not provide a precise figure for the losses.
Security experts note that large exchange breaches often involve compromised private keys or vulnerabilities in hot wallets. Investigations into the attack are ongoing.
The crypto industry has faced repeated high-profile heists in recent years. This case, if confirmed at the reported scale, would surpass previous records.
Binance has temporarily paused some services as a precaution. The exchange says it is cooperating with law enforcement and will share updates as the probe continues.
