Elon Musk mocked Binance on X while the FBI and the U.S. Secret Service investigated the theft of $6.3 billion from the exchange’s wallets. Changpeng Zhao asked him to stop trolling and reminded him that Binance provided $500 million to Musk in 2022 to help fund his purchase of Twitter, an investment since valued at more than $1 billion in SpaceX shares. According to Zhao, issuers promptly froze about $3 billion of the stolen funds, while another portion was covered by the SAFU reserve fund, leaving an actual shortfall of roughly $2 billion. The SpaceX stake, which could cover half of that gap, became a central argument for reassuring the market about Binance’s solvency. The exchange plans to resume withdrawals within 45 to 48 hours of completing its internal checks.
Source: Read the original article
