Binance founder Changpeng Zhao has pointed to the crypto exchange’s more than $1 billion stake in SpaceX as evidence that it can absorb the remaining losses from the record-breaking hack, following an unusual exchange with Elon Musk on X.
The comments came after Binance estimated the total impact of the October 29 security incident at around $6.3 billion, with approximately $3 billion already frozen on-chain. The exchange has said it will cover all losses using its Secure Asset Fund for Users (SAFU) and company funds, while maintaining that user funds remain safe.
Responding to an X user who calculated that Binance could easily cover the remaining shortfall from its balance sheet, Zhao said the loss “might be a bit higher than that, but will cover.”
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The exchange then took an unexpected turn after another user responded with an old screenshot of former FTX CEO Sam Bankman-Fried saying FTX had enough assets to cover all customer holdings.
Musk replied to the post with a grimacing emoji.
CZ asks Musk to stop trolling Binance
Zhao responded directly to Musk, telling the SpaceX and Tesla CEO that it was a “bad time to troll.”
“Elon, have a lot of respect for you, but bad time to troll. Please stop,” Zhao wrote.
CZ then highlighted Binance’s investment exposure to SpaceX, saying that the company’s SPCX shares stemming from its $500 million investment in Musk’s Twitter takeover were now worth more than $1 billion.
The comment drew attention because Binance was among the investors that committed capital to Musk’s $44 billion acquisition of Twitter, now X.
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Zhao later provided what he called the “rough math” behind Binance’s ability to absorb the hack.
According to CZ, the incident represented around $6.x billion in losses, approximately $3 billion had been frozen, and Binance had another $1.x billion in its SAFU fund. That left a gap of roughly $2 billion, he said.
“We have $1.x billion in SPCX alone. Remaining gap is (still painful, but) manageable,” Zhao wrote.
CZ clarifies Binance does not plan to sell SpaceX stake
However, CZ subsequently clarified that his SpaceX comments should not be interpreted as saying Binance plans to sell its SPCX shares.
Responding to a user questioning the relevance of the SpaceX stake, Zhao said he was simply showing “some funds” Binance has available so Musk “can be less worried.”
In other words, the SpaceX stake appears to have been cited as evidence of Binance’s broader balance-sheet strength rather than as a specific asset earmarked for liquidation.
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The $6.3 billion incident is currently considered the largest cryptocurrency hack on record, surpassing the roughly $1.5 billion Bybit exploit in 2025.
Featured image via Shutterstock
