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Zhao cites $500 million Twitter stake asking Musk to stop
The Indian Express·
Binance co-founder Changpeng Zhao asked Elon Musk to stop mocking the exchange after a $6.3 billion hack. Zhao reminded Musk of Binance's $500 million investment in the Twitter takeover. He said those SPCX shares are now worth more than $1 billion. About $3 billion in stolen assets have been frozen, with a remaining shortfall near $2 billion by his count.
Prism
What It Means For You
- Crypto users following the breach saw Zhao say attacks usually involve a compromised device or algorithm.
- Binance Co-CEO Richard Teng said a DevOps laptop may have enabled unauthorised withdrawals.
- Co-CEO Yi He said yearly revenue can cover losses without selling SpaceX holdings.
What's Happening
- Musk replied to Zhao's pre-breach security warning with fire and laughing emojis, then posted Everyday is Zeroday.
- Zhao wrote that it was a bad time to troll and asked Musk to show support.
- Hackers reportedly moved $6.3 billion in a little over 20 minutes.
How Binance Frames the Loss
- Binance put $500 million into the $44 billion Twitter takeover in 2022.
- Zhao cited more than $1 billion in the Secure Asset Fund for Users besides frozen assets.
- He clarified he had not proposed selling the SpaceX-linked shares to cover the hack.
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