Binance Says Revenue Can Cover Losses Without Selling SpaceX Stake

Binance says it will cover customer losses from an estimated $6.3 billion security breach using its emergency fund and company reserves, while co-founder Yi He says annual revenue is sufficient to avoid selling SpaceX-linked shares. The exchange estimated that the October 29 incident affected about $6.3 billion in assets. Binance has pledged to absorb customer losses, but the figure is an estimate of affected assets, not a final accounting of losses remaining after recoveries. The breach also prompted a public exchange between Binance co-founder Changpeng Zhao and Elon Musk. Zhao asked Musk on X to stop joking about the incident and show support. Musk had responded to Zhao’s cybersecurity posts with emojis and comments, including a reference to zero-day vulnerabilities. Zhao cited shares he said were worth more than $1 billion and linked to Binance’s $500 million investment in Musk’s 2022 Twitter acquisition. Yi He, also a Binance co-founder, said the company’s annual revenue could cover the losses without selling the shares. Zhao later said he was not proposing a sale, but referring to the holdings as evidence of the company’s financial resources. The reported SpaceX-linked...