Binance may use its $1 billion stake in Elon Musk’s SpaceX to cover losses
Photo: Finbold
Binance founder Changpeng Zhao has pointed to the crypto exchange’s more than $1 billion stake in SpaceX as evidence that it can absorb the remaining losses from the record-breaking hack, following an unusual exchange with Elon Musk on X. The comments came after Binance estimated the total impact of the October 29 security incident at around $6.3 billion, with approximately $3 billion already frozen on-chain. The exchange has said it will cover all losses using its Secure Asset Fund for Users (SAFU) and company funds, while maintaining that user funds remain safe.
Source: Finbold
