CZ: Binance Covered Theft Losses With Its Own Balance Sheet, No Borrowing or Asset Sales

November 3 — Binance founder CZ posted on X that Binance's losses from this theft were covered by its own balance sheet: Binance did not borrow money, did not sell assets, and did not raise financing, unlike other incidents people have been comparing it to. CZ previously posted that Binance has allocated 100% of the funds, with only 5% remaining to be converted into some smaller tokens, which will take some time. Binance co-CEO Yi He subsequently posted on X that a portion of stablecoins and Bitcoin still needs to be swapped into the relevant altcoins, and that Binance has no funding gap.