Binance co-founder Zhao tells Musk ‘bad time to troll’ after record hack
Elon Musk appeared to taunt Zhao on his X platform after the Binance hack.
In the wake of the largest hack ever recorded, Binance co-founder Changpeng "CZ" Zhao found himself in yet another predicament as Elon Musk, the world's wealthiest individual, mocked the incident on his X platform. Zhao responded, stating, "Elon, have a lot of respect for you, but bad time to troll. Please stop." This exchange took a financial turn when Zhao mentioned that Binance's shares in Musk's Twitter takeover were worth over a billion dollars.
Binance's co-CEO, Yi He, affirmed that the company's revenue was sufficient to cover the losses. Despite the spat, the two are partners and parents. Subsequently, Binance's shares plummeted by up to 5.6% in initial trading, while BNB, the exchange's utility token, fell by as much as 10% over the previous two days. Crypto analytics firms TRM Labs and Chainalysis estimate that hackers stole $6.3 billion from Binance on October 29, the largest heist on record, with North Korea suspected as the culprit.
Binance claims to be investigating the breach and has temporarily halted deposits and withdrawals. Analysts have repeatedly linked crypto heists to North Korea, with the $1.5 billion theft from Bybit in 2025 being the most recent. However, Binance's hack far exceeds that. The exchange has pledged to cover all losses and has set aside $6.34 billion of its funds to do so.
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