Former Binance CEO Changpeng Zhao (CZ) says the exchange could use its stake in Elon Musk’s SpaceX, now worth more than $1 billion, to cover losses from the $6.3 billion hack.
However, co-founder Yi He said that the exchange may not need to sell the shares, as its yearly revenue is enough to cover the remaining shortfall.
The discussion started after CZ responded to Elon Musk, who posted a smiling emoji following reports that the exchange has enough funds to cover the exchange losses.
Meanwhile, CZ asked Musk to show some support, pointing out that Binance’s investment in his company was now worth more than $1 billion.
CZ said that Binance earlier invested $500 million in Musk’s Twitter takeover, receiving shares in the company now worth more than $1 billion. Those shares are now linked to SpaceX (SPCX).
When an X user questioned how the investment could help cover the hack losses, CZ shared a rough breakdown of the remaining financial gap.
In response, CZ shared his rough calculation, explaining how much of the stolen funds had been recovered or frozen. He said around $3 billion in assets had been frozen so far.
Tether froze more than $1.56 billion in USDT, while Circle froze over $800 million in USDC. Ripple also helped freeze around $200 million, and World Liberty Financial froze approximately $27 million.
Binance could also use $1 billion from its SAFU fund to cover the losses. After accounting for the frozen funds and SAFU reserves, CZ estimated that around $2 billion would remain uncovered.
To explain how Binance could manage that gap, CZ said its SpaceX stake alone is worth more than $1 billion, making the remaining shortfall manageable, although still painful.
However, CZ’s comments caught the attention of Binance co-founder Yi He, who said the exchange’s annual revenue was already enough to cover the remaining losses.
“Reporting to the major shareholder: Our company’s revenue for the year is sufficient to cover the losses, so we do not yet need to sell the SpaceX shares you are bullish on”
She added that Binance did not need to sell the SpaceX shares at this stage.
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