Binance co-founder Changpeng "CZ" Zhao fired back at Elon Musk after the Tesla CEO appeared to mock the exchange's record $6.3 billion hack with a grimacing emoji on X. "Elon, have a lot of respect for you, but bad time to troll. Please stop," Zhao posted, noting Binance's $500 million investment in Musk's Twitter takeover had yielded shares worth over $1 billion. Binance co-CEO Yi He added the company's annual revenue could cover the losses.
The breach, attributed by TRM Labs and Chainalysis to North Korea, dwarfs the previous $1.5 billion Bybit hack. Binance has frozen roughly $3 billion of stolen assets and reserved $6.34 billion to cover losses. BNB token fell up to 10% while SpaceX shares dropped 5.6%.
The spat reverses 2022 roles when Zhao's posts about FTX contributed to its collapse and Sam Bankman-Fried's 25-year sentence. Binance has halted deposits and withdrawals as investigations continue.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing