Binance Founder Trades Words with Elon Musk on X

Dow Jones10-30 23:45

The Binance hack led to a widespread discussion on social media and in crypto circles about whether the exchange could cover the losses (more on that here) and how to make the industry safer-including an online confrontation between Binance founder Changpeng Zhao and Elon Musk.

Zhao posted on X that the company would cover the losses. Someone replied with a screenshot of an old tweet by jailed FTX founder Sam Bankman-Fried, whose crypto exchange collapsed in 2022. In that tweet, Bankman-Fried said his firm had enough to cover all client holdings (spoiler: it didn't).

Musk reacted to the exchange with a grimacing-face emoji.

Highlighting the strength of his financial position, Zhao, who is worth over $100 billion, replied to Musk that a stake Binance holds in SpaceX is valued at over $1 billion.

Binance invested $500 million in X, then Twitter, back in 2022 as part of Musk's takeover of the company, which was acquired by SpaceX earlier this year. Zhao is Binance's biggest shareholder.

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