Elon Musk mocks Binance after $6.3 billion hack; CZ responds

Elon Musk teased Binance on X on Tuesday, saying the $6.3 billion hack that crippled the crypto exchange was “just another day in crypto,” prompting a sharp reply from Binance chief Changpeng Zhao (CZ). CZ reminded Musk that the $500 million Binance stake in Musk’s 2022 Twitter takeover is now worth more than $1 billion in SpaceX shares, a figure that dwarfs the loss from the hack.

The exchange’s breach, disclosed in May, saw hackers siphon roughly $6.3 billion in Bitcoin, Ether and other tokens, prompting a scramble among regulators and investors. Binance, the world’s biggest crypto platform, had already been under pressure after the hack, with its stock price slipping and users demanding tighter security. The platform’s earlier $500 million investment in Twitter was part of a broader deal that gave Binance a slice of the social‑media company, a stake that was later converted into SpaceX equity after Musk completed the purchase and rebranded the service as X.

CZ’s response highlighted the growing entanglement between the crypto world and Musk’s tech empire. Analysts note that Binance’s SpaceX holding, now valued at over $1 billion, reflects SpaceX’s soaring valuation after its successful Starlink deployments and upcoming launch contracts. The public spat underscores how Musk’s companies have become de‑facto players in crypto finance, while Binance seeks to reassure investors that its balance sheet remains robust despite the hack.

The feud is likely to spill over into market sentiment and regulatory scrutiny. Binance may face more questions from authorities about its security practices and the transparency of its cross‑industry investments. Meanwhile, Musk’s casual remarks could attract criticism from lawmakers probing the influence of tech moguls on financial markets. Both parties appear set to continue the dialogue on X, with investors watching closely to see whether the exchange’s SpaceX stake can offset the hack’s fallout or if the rivalry will fuel further volatility in the crypto sector.