Elon Musk, CZ Trade Blows Over SpaceX Shares After $6.4B Binance Hack

In brief

• CZ asked Elon Musk to stop trolling Binance over its $6.3 billion hack, citing the exchange's SpaceX shares, which he values at more than $1 billion.
• Binance co-CEO Yi He said the company's annual revenue is sufficient to cover the losses without selling its SpaceX holdings. CZ later clarified that he had never suggested selling the shares.
• Binance has reserved more than $6.34 billion in company funds to cover the incident, while TRM Labs and Chainalysis have attributed the attack to North Korea-linked hacking group TraderTraitor.

Binance co-founder Changpeng Zhao, better known as CZ, called out Elon Musk on Friday after the billionaire appeared to mock the exchange following a $6.4 billion hack—the largest in history—reminding him that Binance holds SpaceX shares worth more than $1 billion.

"Elon, have a lot of respect for you, but bad time to troll. Please stop," CZ wrote on X. "Our SPCX shares (from our $500m investment in your Twitter takeover) are worth more than a billion. Would appreciate if you show a little support. Thanks!"

The exchange followed Musk's response to a post estimating that, as a lot of the stolen funds have been frozen, Binance's losses could reach around $1 billion, despite holding approximately $144 billion in assets under custody.