CZ says Binance loss may be slightly above $1 billion, will absorb it

Binance founder Changpeng Zhao, widely known as CZ, responded to an analysis by DeFiLlama founder 0xngmi on losses tied to Binance assets, saying the hit may come in slightly above $1 billion and that Binance will absorb the loss. Earlier, 0xngmi wrote that Binance holds about $144 billion in custodial assets and estimated the final loss at roughly $1 billion after USDT and USDC were frozen. Based on that estimate, the loss would amount to about 0.69% of Binance’s total custodial assets. 0xngmi also said Binance should be able to cover the loss through its balance sheet. The exchange founder’s reply did not dispute the general scale outlined in the analysis, but indicated the final figure could be somewhat higher than the initial estimate.