The Bitcoin and altcoin market is buzzing about the Binance hack, which resulted in losses of approximately $6.3 billion. While questions remain about whether user losses will be compensated,
The Bitcoin and altcoin market is buzzing about the Binance hack, which resulted in losses of approximately $6.3 billion. While questions remain about whether user losses will be compensated, Binance founder CZ and Tesla CEO Elon Musk have clashed over the issue.
Binance founder Changpeng Zhao (CZ) reacted to Elon Musk’s social media posts following the multi-billion dollar security breach at the cryptocurrency exchange. CZ asked Musk to show support instead of using sarcastic remarks about the incident.
The controversy began after Binance experienced a security breach on October 29th. Musk responded to CZ’s cybersecurity warnings and posts about the attack with fire and laughing emojis.
Elon Musk also responded with a laughing emoji to a post comparing CZ’s promise to compensate for hack losses to FTX founder SBF’s statement that “FTX has sufficient reserves to cover all customer accounts.”
CZ then addressed Musk directly, stating that he retained his respect for him but that the incident should not be taken lightly.
CZ, in his post directed at Musk, said, “Elon, I have great respect for you, but this is a bad time to be making fun of things. Please stop. I would appreciate it if you showed some support.”
CZ also reminded Musk of the $500 million investment. The key point in CZ’s statement was Binance’s $500 million investment in Musk’s Twitter acquisition. CZ stated that the SpaceX shares acquired in return for this investment are worth over $1 billion, implying that these shares could be sold.
However, Binance co-CEO Yi He later stated that the company’s annual revenue was sufficient to cover the losses, and therefore there was no need to sell SpaceX shares.
*This is not investment advice.
Continue Reading: CZ and Elon Musk Clash After Binance Hack: Musk Responds with Emojis, CZ Reminds Him of His $1 Billion Investment! Here’s What Happened
