Binance may use $1B SpaceX-linked stake to cover hack losses, CZ says

Changpeng Zhao says Binance's SPCX shares, tied to its $500 million bet on Musk's Twitter deal, could help absorb an estimated $6.3 billion breach Binance may tap its stake in SpaceX, which Changpeng Zhao values at more than $1 billion, to help cover losses from a major security breach. The Binance founder says the exchange will make users whole and will not push the costs onto them. The pledge follows a breach on October 29–30, 2026, which is expected to cost the exchange approximately $6.3 billion. The hack, the freeze and the promise Binance moved quickly after the breach was detected. The exchange froze around $3 billion in assets in the immediate aftermath. It is also working with law enforcement and stablecoin issuers to try to claw back more of the stolen funds. Stablecoin issuers can sometimes freeze tokens at the contract level, which makes them useful allies when stolen money is sitting in dollar-pegged assets. On October 30, 2026, CZ said Binance would cover all user losses tied to the incident. He has repeated that customers will not be asked to absorb any of the damage. For context, Binance reportedly held around $144 billion in total assets under custody before the br...