On Friday, October 30, Binance co‑founder Changpeng Zhao publicly blasted Elon Musk on X for mocking the $6.3 billion hack that crippled the exchange. Zhao's tweet, which read "Elon, have a lot of respect for you, but bad time to troll," followed Musk's fire‑emoji reply to a Binance security warning. The exchange, which has frozen roughly $3 billion of assets, is calling the incident the biggest crypto theft on record.
Investigators point to North Korean‑backed group TraderTraitor as the likely culprit, and Binance has said it will compensate users for confirmed losses. The hack exploited a complex chain of compromised devices and algorithms, Zhao warned earlier in a security advisory.
Musk responded with a string of laughing emojis and later posted "Everyday is Zeroday" followed by a grimacing face when asked whether Binance could afford the loss. His tone drew sharp criticism from Zhao, who reminded him that Binance invested $500 million in Musk's 2022 Twitter takeover and now holds SpaceX shares worth over $1 billion.
Zhao's call comes after a 2021 spat when Binance paused Dogecoin withdrawals and Musk labeled the move "shady." The two have traded barbs on X for years, but the latest clash shows the high stakes for crypto firms amid mounting security concerns.
Binance has pledged to reimburse all confirmed losses, but the dispute with Musk underscores the sector's scramble to rebuild user confidence after repeated breaches.
The exchange’s response will be closely watched as regulators probe the hack, and Musk’s next move could determine whether the billionaire will support Binance’s restitution efforts.