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SecurityQuiet 12d · day 13

Musk mocks Binance over $6.4B hack; CZ reminds him of $1B SpaceX stake

After a record cryptocurrency theft, Elon Musk and Binance co-founder CZ clash on X over the exchange's financial resilience.

newest coverage 12d agosummary written 11d ago3 pieces NewswiresGoogle News

What to know

  • Binance suffered a record $6.4 billion cryptocurrency theft on October 29, making it the largest hack in history.
  • Elon Musk mocked Binance's resilience by posting a grimacing emoji in response to loss estimates, drawing an uncomfortable parallel to FTX's pre-collapse reassurances.
  • CZ publicly reminded Musk that Binance holds $1 billion+ in SpaceX shares and requested his support, while company leadership emphasized sufficient revenue to cover losses without liquidation.

Elon MuskElon Musk Tesla and SpaceX CEOChangpeng Zhao (CZ) Binance co-founderYi He Binance co-CEOBinance Cryptocurrency exchange

Musk mocks Binance over $6.4B hack; CZ reminds him of $1B SpaceX stake
finance.yahoo.com

How it unfolded 1 development · click the chart to see its coverage articles

Peak 2 pieces in 3h at Oct 29, 6 PM; 3 pieces over 13 days (3 articles) Oct 29, 6 PM — 2 pieces · 2 articles — Newswires 2Oct 29, 9 PM — quietOct 30, 12 AM — quietOct 30, 3 AM — quietOct 30, 6 AM — quietOct 30, 9 AM — quietOct 30, 12 PM — 1 piece · 1 article — Google News 1Oct 30, 3 PM — quietOct 30, 6 PM — quietOct 30, 9 PM — quietOct 31, 12 AM — quietOct 31, 3 AM — quietOct 31, 6 AM — quietOct 31, 9 AM — quietOct 31, 12 PM — quietOct 31, 3 PM — quietOct 31, 6 PM — quietOct 31, 9 PM — quietNov 1, 12 AM — quietNov 1, 2 AM — quietNov 1, 5 AM — quietNov 1, 8 AM — quietNov 1, 11 AM — quietNov 1, 2 PM — quietNov 1, 5 PM — quietNov 1, 8 PM — quietNov 1, 11 PM — quietNov 2, 2 AM — quietNov 2, 5 AM — quietNov 2, 8 AM — quietNov 2, 11 AM — quietNov 2, 2 PM — quietNov 2, 5 PM — quietNov 2, 8 PM — quietNov 2, 11 PM — quietNov 3, 2 AM — quietNov 3, 5 AM — quietNov 3, 8 AM — quietNov 3, 11 AM — quietNov 3, 2 PM — quietNov 3, 5 PM — quietNov 3, 8 PM — quietNov 3, 11 PM — quietNov 4, 2 AM — quietNov 4, 5 AM — quietNov 4, 8 AM — quietNov 4, 11 AM — quietNov 4, 2 PM — quietNov 4, 5 PM — quietNov 4, 8 PM — quietNov 4, 11 PM — quietNov 5, 2 AM — quietNov 5, 5 AM — quietNov 5, 8 AM — quietNov 5, 11 AM — quietNov 5, 2 PM — quietNov 5, 5 PM — quietNov 5, 8 PM — quietNov 5, 11 PM — quietNov 6, 2 AM — quietNov 6, 5 AM — quietNov 6, 8 AM — quietNov 6, 11 AM — quietNov 6, 2 PM — quietNov 6, 5 PM — quietNov 6, 8 PM — quietNov 6, 11 PM — quietNov 7, 2 AM — quietNov 7, 5 AM — quietNov 7, 8 AM — quietNov 7, 11 AM — quietNov 7, 2 PM — quietNov 7, 5 PM — quietNov 7, 8 PM — quietNov 7, 11 PM — quietNov 8, 2 AM — quietNov 8, 5 AM — quietNov 8, 8 AM — quietNov 8, 11 AM — quietNov 8, 2 PM — quietNov 8, 5 PM — quietNov 8, 8 PM — quietNov 8, 11 PM — quietNov 9, 2 AM — quietNov 9, 5 AM — quietNov 9, 8 AM — quietNov 9, 11 AM — quietNov 9, 2 PM — quietNov 9, 5 PM — quietNov 9, 8 PM — quietNov 9, 11 PM — quietYesterday, 2 AM — quietYesterday, 5 AM — quietYesterday, 8 AM — quietYesterday, 11 AM — quietYesterday, 2 PM — quietYesterday, 5 PM — quietYesterday, 8 PM — quietYesterday, 11 PM — quietToday, 2 AM — quietToday, 5 AM — quietToday, 8 AM — quietToday, 11 AM — quietToday, 2 PM — quietToday, 5 PM — quietToday, 8 PM — quiet 1
Oct 30Oct 31Nov 1Nov 2Nov 3Nov 4Nov 5Nov 6Nov 7Nov 8Nov 9yesterdaynow · 9:14 PM ET
  1. 1

    CZ clarifies he was not suggesting SpaceX share sale

    CZ subsequently clarified that he never suggested selling SpaceX shares, stating he was simply showing Musk some of Binance's available funds to reassure him about the exchange's financial position.

    “didn't say anything about selling SPCX shares, was just saying/showing some funds that he might know, so that he can be less worried.”
    — CZ
    1. 2 outlets Elon Musk, CZ Trade Blows Over SpaceX Shares After $6.4B Binance Hack

      first by Decrypt, 12d ago · also Yahoo Finance

  2. background

    Binance co-CEO Yi He assures SpaceX shares will not be sold — Yi He posted that Binance's annual revenue is sufficient to cover the losses and that the company does not need to sell SpaceX shares. She added a shrugging emoji in apparent response to suggestions that Binance might liquidate holdings.

  3. background

    CZ calls out Musk for mocking Binance, references $1B+ SpaceX shares — CZ responded to Musk's emoji on X, stating it was a bad time to troll and reminding Musk that Binance holds SpaceX shares worth more than $1 billion from its $500 million investment in the Twitter takeover. He asked Musk to show support.

  4. background

    Musk posts grimacing emoji in response to Binance loss estimate — Elon Musk replied with a grimacing emoji to a post estimating Binance's losses at around $1 billion despite the exchange holding approximately $144 billion in assets under custody. Another user drew a parallel to former FTX CEO Sam Bankman-Fried's false claims about having sufficient funds before FTX collapsed.

  5. background

    Binance suffers $6.4 billion hack across multiple blockchains — At least $6.4 billion in cryptocurrency was stolen from wallets associated with Binance on October 29 across multiple blockchains including Ethereum, Bitcoin, and Tron. Attackers moved over $1.6 billion in USDT to a newly created Ethereum address.