Key Notes
- CZ asks Musk to stop trolling Binance and cites a SpaceX shareholding he values at more than $1 billion.
- Yi He says Binance’s annual revenue can cover the losses without selling those shares for now.
- The exchange reiterates full loss coverage through SAFU and company funds, while no SpaceX sale is announced.
Binance founder Changpeng “CZ” Zhao has asked Elon Musk to stop trolling the exchange after its multibillion-dollar hack, pointing to a SpaceX shareholding he says is worth more than $1 billion. Binance co-founder Yi He replied that the company’s revenue for the year was enough to cover the losses, so selling those shares was not currently necessary.
The exchange of posts followed Musk’s emoji response to a user invoking FTX’s pre-collapse assurances about customer funds. CZ asked Musk for support and recalled Binance’s $500 million contribution to his Twitter takeover. The posts do not announce a SpaceX share sale or a new financing arrangement.
CZ Cites the Investment Behind His Appeal
In his October 30 reply to Musk, CZ described shares he called SPCX as stemming from the Twitter investment and valued them at more than $1 billion.
“Elon, have a lot of respect for you, but bad time to troll. Please stop,” CZ wrote.
The valuation and description of the holding are CZ’s account. His post does not provide supporting ownership documents, a share count or sale terms. It should not be read as confirmation that Binance has converted that position into cash to cover the hack.
In a follow-up to Yi He, CZ explained that he was pointing to funds Musk would recognize to reassure him. He did not set out a disposal plan. That clarification is relevant to interpretations that his first message signaled an imminent sale.
Yi He Says No SpaceX Sale Is Needed for Now
Yi He’s response, addressed to CZ as a major shareholder, said Binance’s revenue for the year was sufficient to absorb the losses. She said there was no current need to sell the SpaceX shares.
She did not disclose a revenue figure or provide a financial breakdown in that reply. Annual revenue, profit and cash immediately available for reimbursements are different measures, so the statement is a company executive’s reassurance rather than an audited funding reconciliation.
Musk’s Emoji Followed an FTX Comparison
Musk’s reply consisted of a grimacing emoji. The preceding user post displayed a screenshot of an old Sam Bankman-Fried assurance that FTX could cover customer holdings.
The comparison came from that user’s image. Musk did not publish a detailed assessment of Binance’s balance sheet in the reply, and the emoji itself supplies no evidence that Binance’s financial position mirrors FTX’s.
Binance’s Loss-Coverage Pledge Remains the Official Plan
Binance’s separate investigation update at 08:47 UTC on October 30 pledged to cover all losses through SAFU and company funds. It said approximately $3 billion in affected assets had been frozen and assured customers their funds were safe.
That update identified additional breach points, kept deposits available and targeted a withdrawal restart 45 hours after the announcement. CoinScreamer’s service follow-up explains the timing and why freezing assets is separate from returning them.
Our earlier investigation report covers Binance’s preliminary $6.3 billion impact estimate. CZ’s discussion with Musk adds a public dispute over confidence and a claimed investment value; it does not replace the exchange’s stated coverage plan or establish that a SpaceX sale is required.
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