Binance clarifies it 'does not need to sell SpaceX shares to cover losses' after crypto breach
In this news:
Key takeaways
- Binance stated it does not need to sell its SpaceX shares to cover breach losses.
- The platform suffered an unauthorized hot wallet exploit resulting in a major security breach.
- Leadership confirmed that customer deposits and the SAFU fund remain unaffected.
Binance cleared its position regarding, covering the biggest crypto breach losses through Elon Musk's shares in the finance company.
World's leading crypto firm has moved aggressively to calm skittish financial markets, issuing a formal clarification that the exchange does not need to liquidate its significant stake in SpaceX to absorb the staggering financial blow from its recent multi-billion-dollar security breach.
The statement came after online speculation mounted regarding how the platform would plug the remaining capital gap following the unauthorized EIP-7702 hot wallet exploit.
Binance founder Changpeng Zhao had written on X in an earlier reply to SpaceX CEO Elon Musk that the platform held “$1.x billion in SpaceX alone.”
Co-founders Changpeng Zhao (CZ) and Yi He pushed back against internet rumors, pointing to Binance’s multi-billion-dollar portfolio—which includes early private equity positions like a $1.6 billion holding in SpaceX—as proof of deep-pocketed balance sheet strength.
Yi He emphasized that Binance's core operational revenue alone is more than enough to handle the unrecovered deficit, even after swift on-chain interventions froze over $3 billion of the stolen funds.
With the Secure Asset Fund for Users (SAFU) fully intact and customer deposits unaffected, leadership has made it clear that external tech equity holdings will remain untouched as recovery and auditing efforts continue.
After learning the world’s largest crypto exchange had been hit by a $6.3 billion hack late Thursday, Musk posted several emojis, ranging from laughing to grimacing, on X.
CEO appeared to mock the embattled cryptocurrency exchange in a series of social media posts.
The cofounder and former CEO of Binance asked Elon Musk not to “troll” the company on Friday and instead “show some support” after the SpaceX.
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