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Binance co-founder asks Elon Musk to stop trolling after $6.3 billion hack
CNBC • • general
Key Points:
- Binance cofounder and former CEO Changpeng Zhao urged Elon Musk to stop mocking the crypto exchange after it suffered a $6.3 billion hack, asking Musk to show support instead.
- Musk reacted to the hack with a series of emojis on X, including laughing and grimacing faces, which prompted Zhao's response highlighting Binance's $1 billion equity stake in Musk's SpaceX.
- Binance's stake in SpaceX originated from a $500 million investment during Musk's Twitter takeover, though SpaceX is valued at roughly $2 trillion.
- Following the hack, Binance froze all withdrawals and deposits, suspecting North Korean state-sponsored hackers, and has since restored deposits while freezing about $3 billion in assets.
- This incident adds to previous online disputes between Musk and Zhao, including disagreements over Binance's suspension of Dogecoin withdrawals in 2021.
