CZ’s comments take away part of the uncertainty but not the core risk.
He has confirmed a likely hack, while the person who can commit Binance’s money to cover losses has said nothing yet
The stablecoin freezes shrink the possible loss, but the ether moved out of Binance has no such protection. BNB is the clearest gauge of how worried traders are, and it is likely to stay under pressure until Binance commits to covering losses. Bitcoin and ether are falling with the rest of the market rather than for a reason specific to them, so they could recover faster if Binance gives clear reassurance. — Earlier: Tether freezes $971M USDT amid suspected Binance hack as crypto sells off — CZ calls it a hack and says user funds are safe, Tether and Circle have locked up $1.79 billion, and Binance has yet to say how much it lost.
Summary: Binance co-founder Changpeng Zhao (CZ) said the exchange appears to have been hacked and that user funds are safe. Tether froze about $971 million in USDT and Circle froze about $823 million in USDC, around $1.79 billion in total. CZ said he no longer runs Binance but, as a shareholder, expects all user funds to be fully covered.