Binance Says It Can Cover $6.4B Theft as CZ Responds to Musk
Technology · First reported 30 Oct, 16:24 · Updated 16:48
After a reported $6.4 billion theft from Binance-linked wallets, co-founder Changpeng Zhao urged Elon Musk to stop mocking the exchange and pointed to Binance’s SpaceX shares. Binance said its revenue and reserved funds could cover the losses; Zhao later clarified that he had not suggested selling the shares.
- At least $6.4 billion in cryptocurrency was taken from Binance-associated wallets on October 29, according to the coverage.
- Zhao cited Binance’s SpaceX stake, valued in the coverage at more than $1 billion; Binance co-CEO Yi He said annual revenue was sufficient to cover the losses, and Zhao later said he had not proposed selling the shares.
- Decrypt reports that Binance reserved more than $6.34 billion to cover the incident and that TRM Labs and Chainalysis attributed the attack to North Korea-linked group TraderTraitor.
Summary written by Lux AI from 2 articles
Key facts
- Reported theft
- At least $6.4 billion in cryptocurrency was taken from Binance-associated wallets on October 29.
- SpaceX shares
- CZ said Binance’s shares were worth more than $1 billion.
- Binance reserve
- Binance said it reserved more than $6.34 billion in company funds for the incident.
- Frozen assets
- Tether and Circle initially froze about $1.8 billion, with the total later reaching $2.39 billion, according to Decrypt.
- Suspected group
- TRM Labs and Chainalysis attributed the attack to North Korea-linked TraderTraitor, according to Decrypt.
Source spectrum
Left 0 · Centre 2 · Right 0 of 2 rated sources
Background
- Earlier Lux coverage included a report that the FBI and U.S. Secret Service were working with Binance after the hack. [555fd7b5-4f4a-4f59-9945-59f9b3a64e09]
- An earlier Lux headline covered how bitcoin traders responded after the Binance hack. [ab328d48-8981-44a8-a272-76339fec964a]
- Another earlier Lux headline said the attacker used an Ethereum upgrade and Binance wallet signatures. [f1596d76-3bb4-45e1-8a8b-7410d593d43c]
All coverage
Coverage over time
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Ownership
- Unknown 100% (2)
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