Binance may use its $1 billion stake in Elon Musk’s SpaceX to cover losses

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. Responding to an X user who calculated that Binance could easily cover the remaining shortfall from its balance sheet, Zhao said the loss “might be a bit higher than that, but will cover.” The exchange then took an…

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