Binance Says User Funds Are ‘Completely Safe’ After $3.5 Billion Drains From Its Hot Wallets

Binance said on X that “user funds are completely safe” after wallets Etherscan labels as Binance hot wallets sent billions of dollars in crypto to a single new address on Thursday afternoon, and Tether and Circle froze about $2 billion in stablecoins. That line came at 5:29 p.m. ET in a revised statement. A 5:16 p.m. ET version said its teams were “actively investigating” a “potential security issue” and had “not confirmed any impact to user funds.” The exchange has not called the outflows a hack. Founder Changpeng Zhao , who no longer runs the exchange, posted a minute earlier that “it does look like a hack on Binance” and that, as a shareholder, he expects “all user funds will be fully covered.” Tether blacklisted the receiving address at 5:01…

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