Binance Founder CZ Tells Elon Musk to Stop Trolls After $6.3B Hack
Binance founder Changpeng Zhao publicly told Elon Musk to stop trolling on Friday after Musk posted laughing emojis in response to concerns that Binance's massive hack could mirror the FTX collapse of 2022. Zhao directly addressed Musk on X, citing respect for him but calling it a "bad time to troll," and noted that Binance's SpaceX shares from a $500 million Twitter investment are now worth over $1 billion. The exchange confirmed estimated losses of roughly $6.3 billion, with about $3 billion already frozen, and pledged to cover all user losses. The FTX comparison stems from an old quote by Sam Bankman-Fried, but analysts argue Binance's $144 billion in assets and deep pockets prevent a contagion effect. Coinbase CEO Brian Armstrong offered support, saying his team is blocking sends to compromised wallets.