Binance hack: Co-founder asks Musk to stop mocking
What's the story
Changpeng Zhao, aka CZ, the co-founder of Binance Holdings Ltd. has asked Elon Musk to stop mocking him over the recent hack. The incident is being dubbed as the biggest crypto theft in history. Zhao's request came after Musk appeared to troll him on X, by responding with a grimacing emoji to a post about Binance's recovery from the breach.
Financial ties
Zhao's response to Musk
In his response to Musk, Zhao said, "Elon, have a lot of respect for you, but bad time to troll. Please stop."
He also highlighted their financial ties by saying that the SpaceX shares from Binance's $500 million investment in Musk's Twitter takeover are now worth over a billion dollars.
However, it was not clear which entity he was referring to as he no longer runs the exchange.
Financial assurance
Yi He responds to concerns over Binance's financials
Binance's co-CEO Yi He responded to Zhao's comment by assuring that "the company's revenue for the year is sufficient to cover the losses."
This was in response to concerns over how Binance would make up for the money lost in the hack.
The exchange has already frozen or prevented hackers from moving around $3 billion of digital assets stolen from it.
Hack details
Musk's previous posts on the hack
Musk had reacted to Zhao's security warning with fire and laughing emojis. After the hack was reported, he posted "Everyday is Zeroday" on X.
Zhao clarified that the attack was more complicated than just clicking a suspicious link, saying "The hack is more complex than that, but all hacks generally have a compromised device (or algorithm) at some point."
Investigation findings
Binance has temporarily halted deposits and withdrawals
Binance's initial investigation into the hack has pointed to a compromised laptop belonging to a DevOps engineer.
The company has temporarily halted deposits and withdrawals while an investigation is ongoing.
Zhao directly addressed Musk on Friday, asking him to stop making jokes about the attack and show some support instead.
According to a report by US blockchain analysis firm TRM Labs, North Korean hackers are the culprits behind this incident.
Twitter Post
CZ's post
Elon, have a lot of respect for you, but bad time to troll. Please stop.
— CZ 🔶 BNB (@cz_binance) October 30, 2026
Our SPCX shares (from our $500m investment in your Twitter takeover) are worth more than a billion.
Would appreciate if you show a little support. Thanks!