Binance Co-Founder CZ Asks Elon Musk to Stop Trolling Amid Major Hack
As Binance addresses a massive security breach, co-founder Changpeng Zhao appeals to Elon Musk for support while detailing recovery funds.
Binance Co-Founder CZ Asks Elon Musk to Stop Trolling Amid Major Hack
As Binance addresses a massive security breach, co-founder Changpeng Zhao appeals to Elon Musk for support while detailing recovery funds.
CZ Appeals to Elon Musk During Binance Hack Crisis
As cryptocurrency exchange Binance navigated a severe security breach on Oct. 30, 2026, co-founder Changpeng Zhao publicly asked billionaire Elon Musk to halt his online trolling. According to CryptoSlate, Zhao appealed to Musk for support during the unfolding Binance hack crisis, pointing to SpaceX shares he valued at over $1 billion.
Musk had previously responded to developments on social media using a grimacing-face emoji. In his public reply, Zhao stated that he held a high level of respect for Musk but emphasized that the timing of the online commentary was inappropriate given the ongoing incident.
Evaluating Holdings and Cover for Losses
Zhao explained that his reference to the SpaceX equity—which he connected to a previous $500 million investment in Musk's Twitter acquisition—was intended to highlight funds that Musk might recognize to alleviate worry. However, fellow co-founder Yi He subsequently clarified that the exchange did not yet need to liquidate those shares to cover the security shortfall.
Yi He noted that the company's annual revenue was sufficient to manage the losses. Meanwhile, BeInCrypto reported that the estimated gap stemming from the incident was placed at around $2 billion, while other estimates and updates pointed to broader financial metrics across the platform.
Comprehensive Funding and Token Recovery Efforts
In a later funding update, Binance announced that it had reserved more than $6 billion of corporate funds to address the incident, with The Block noting a specific allocation figure of $6.34 billion. Out of that reserved amount, $5 billion was reportedly held directly in the affected token assets.
The exchange explained that acquiring the remainder through market and over-the-counter channels could take additional time due to low liquidity for certain tokens. Additionally, Binance reported $3 billion in frozen assets subject to ongoing recovery and verification, while Wall Street analysts from firms like Cantor Fitzgerald, TD Cowen, and Compass Point suggested the event would not derail broader market recovery.
About The Author
