Binance Co-Founder Urges Elon Musk to Stop Trolling After $6.3B Crypto Theft
Binance co-founder Changpeng Zhao urged Elon Musk to stop mocking the exchange after a historic $6.3 billion crypto theft. Zhao highlighted Binance's $1 billion stake in SpaceX, while authorities froze $3 billion in stolen assets.
Changpeng Zhao, co-founder and former CEO of Binance, urged Elon Musk to halt online trolling and offer support following a historic $6.3 billion crypto theft from the exchange. Musk had posted a series of emojis on X mocking the platform amid the crisis, which stands as the largest crypto heist in history. Investigators suspect North Korean state-backed hacking unit TraderTraitor carried out the attack, prompting Binance to temporarily freeze and later partially restore deposits.
In response to Musk's posts, Zhao reminded the Tesla and SpaceX chief of Binance's substantial financial ties to his ventures. Binance holds a stake in SpaceX valued at over $1 billion, which originated from a $500 million investment backing Musk's takeover of Twitter. Zhao publicly addressed Musk on the platform, stating that it was an inappropriate time for mockery and asking for solidarity during the platform's security crisis.
Financial Ties and Historical Tensions
While Binance's stake exceeds $1 billion, it represents a minor fraction of SpaceX's broader valuation of $2 trillion. Zhao emphasized the historical investment, noting that the exchange would appreciate public backing rather than derision while dealing with the fallout of the massive security breach.
This exchange follows previous public disagreements between the two tech figures. In November 2021, Binance temporarily suspended withdrawals of Musk's favored Dogecoin due to a wallet malfunction, prompting Musk to criticize the move. Zhao countered at the time by referencing a major Tesla vehicle recall affecting 12,000 cars in the United States over software and hardware defects.
Asset Freezing and Ongoing Investigation
Following the unprecedented security breach, Binance moved swiftly to freeze operations, halting all withdrawals and deposits while cybersecurity investigators initiated probes. Authorities and researchers suspect the involvement of North Korean state-sponsored hackers.
Although withdrawals remain restricted, Binance has resumed deposit functions as the platform works to recover stolen assets. According to latest updates, international investigators and exchange security teams have successfully frozen approximately $3 billion in stolen cryptocurrency assets so far.
