Binance may use a stake in SpaceX, valued at more than $1 billion by Changpeng Zhao, to cover losses from a security breach estimated at $6.3 billion. The exchange froze around $3 billion in assets immediately after detecting the hack and is working with law enforcement and stablecoin issuers to recover stolen funds. Zhao pledged that Binance would reimburse users and would not shift the cost of the incident onto them. The stake would come from a $500 million investment in Elon Musk’s acquisition of Twitter, although Binance’s direct ownership has not been independently verified and its estimated value does not represent cash on hand.
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