Roughly $2.9B reportedly left Binance-linked wallets across several blockchains on Thursday evening. Shortly after, CZ said it "does look like a hack on Binance" and that user funds are safe.

Stablecoin issuers moved within the hour. Tether froze about $971M in USDT, including a Tron wallet that received $612.7M from Binance and still held $312.7M when it was blacklisted. Circle blacklisted an Ethereum address holding $823M USDC.

Combined, issuers have frozen about $1.8B, more than half of the estimated outflow.

Binance has not confirmed a breach. In its first statement on the incident, the exchange said it is investigating "a potential security issue" and has not confirmed any impact to user funds. Co-founder Yi He wrote "User Funds SAFU" and warned users against unofficial links.

CZ, who no longer runs Binance.com, said that as a shareholder he expects all user funds to be fully covered. Funds that moved before the freezes, including $300M USDT forwarded from the Tron wallet, remain outside the issuers' reach.