Binance cofounder Changpeng Zhao asks Elon Musk to stop trolling after $6.3 billion hack
Zhao cited Binance's more than $1 billion SpaceX stake and asked Musk for support following the exchange's major security breach.
At a glance
- Binance cofounder Changpeng Zhao asked Elon Musk to stop trolling the exchange after a $6.3 billion hack.
- Zhao cited Binance's SpaceX stake, worth more than $1 billion from a $500 million Twitter investment, and asked for support.
- Binance froze withdrawals and deposits after the hack; investigators suspect the North Korean group TraderTraitor, and roughly $3 billion in assets have been frozen.
Binance cofounder and former CEO Changpeng Zhao publicly asked Elon Musk to stop mocking the cryptocurrency exchange after a $6.3 billion hack was reported late on Thursday, October 29, 2026. Binance is the world's largest cryptocurrency exchange. Zhao made the request on Friday, October 30, in a social media post directed at the SpaceX and Tesla chief. The CNBC report was published at 9:28 AM EDT.
Musk had responded to news of the breach by posting several emojis on X, including laughing and grimacing faces. In his reply, Zhao reminded Musk that Binance holds a SpaceX stake worth more than $1 billion, originating from a $500 million investment in what was then Twitter. He wrote that he respects Musk but said it was a bad time to troll, and asked for support instead. He concluded by thanking Musk.
The exchange froze all withdrawals and deposits after discovering the hack. Investigators suspect the North Korean state-sponsored group TraderTraitor was responsible. Binance has since restored deposits, and approximately $3 billion in cryptocurrency assets have been frozen so far.
This is not the first public disagreement between the two executives. In November 2021, Binance suspended Dogecoin withdrawals because of a wallet glitch, prompting Musk to call the move "shady." Zhao responded by pointing to a major Tesla recall involving nearly 12,000 U.S. vehicles over software and hardware issues.
SpaceX is valued at roughly $2 trillion, according to the report, making Binance's stake a small portion of the company's total worth.
Source: CNBC Top News.
Questions and answers
- What did Changpeng Zhao ask Elon Musk to do?
- Zhao asked Musk to stop trolling Binance and to show some support after the exchange suffered a $6.3 billion hack.
- How much is Binance's SpaceX stake worth?
- Zhao said the SpaceX shares, from a $500 million investment in what was then Twitter, are worth more than $1 billion.
- Who is suspected of carrying out the Binance hack?
- Investigators suspect the North Korean state-sponsored hacking unit TraderTraitor was responsible for the breach.
