Binance hack: CZ asks Elon Musk to stop trolling and calls for his support

The humor will wait. While Binance tries to contain the consequences of the hack, Elon Musk multiplies the laconic reactions on X. But a digital grimace goes down badly with Changpeng Zhao. The founder of Binance publicly asks him to stop trolling and recalls the financial ties that unite them. For his part, Yi He defends the platform's ability to absorb losses.

Elon Musk first intervenes by relaying a publication from The Kobeissi Letter on suspicious exits from Binance wallets. His comment is contained in three words: “Everyday is Zeroday”. A reference to computer vulnerabilities unknown to their developers, without providing proof that such a flaw explains this attack.

Meanwhile, CZ tries to reassure. The founder of Binance specifies that he no longer runs daily operations, but says he expects full coverage of user funds. He also thanks Tether and Circle for their quick asset freezes.

The exchange became tense when an Internet user brought up an old statement from Sam Bankman-Fried assuring that FTX held enough assets to cover the assets of its clients. Elon Musk reacts with a “grimace” emoji.

And it continues a little later, this time with a reaction under a publication from CZ which seeks to reassure the community by providing some basic security advice. The Tesla boss responds with a “crying with joy” and “fire” emoji.

This time it was too much and CZ responded directly: “Elon, I have a lot of respect for you, but now is not the time to troll. Please stop.” The former boss of Binance then addresses the subject of SpaceX shares and half-heartedly threatens to sell them!

To support his request, CZ recalls the 500 million dollars invested in the purchase of Twitter. According to him, the SPCX securities resulting from this investment are now worth more than a billion.

On the financial side, CZ estimates the amount remaining to be covered after the freezes and mobilization of the SAFU fund to be around $2 billion. He considers this gap painful, but manageable. Yi He, co-general manager of Binance, affirms for her part that the company's annual revenues are sufficient to cover the losses, without detailing this calculation. He takes the opportunity to respond to CZ in relation to SpaceX shares.

This statement, however, requires a distinction: turnover corresponds neither to profit nor to immediately available cash. Likewise, frozen assets are not automatically funds already recovered. That said, the message from management is intended to be reassuring: Binance has sufficient funds to cover losses. Whatever the trolls say, even if they are billionaires.

Finally, let us remember that the two men are not at their first battle. In November 2021, Musk called the blocking of Dogecoin withdrawals on Binance “shady”. CZ had explained the technical problem, before sending him an article on a recall of nearly 12,000 Teslas.

This did not prevent Binance from investing $500 million in the acquisition of Twitter in 2022. Shortly after, CZ estimated that around “90% of Musk’s new ideas for the network could fail”, while defending his method of experimentation. Their relationship has therefore mixed public spats and common financial interests for several years: enough to put the idea of ​​a permanent estrangement into perspective, without making the jokes easier to digest in the midst of a crisis.