Binance co-founder CZ clarifies that he did not say he would sell SPCX shares, and that he might be implying Binance lacks funds, which is not the case

Binance co-founder Changpeng Zhao (CZ) responded on X on October 31 that he had never said he would sell SPCX shares. He said that he mentioned holding the shares only because someone in the discussion thread compared this incident to FTX, which may have implied that Binance lacked funds, and that was not the case. CZ said his original intent was to explain that the company holds assets other than crypto assets, and that it is an area the other party is familiar with.

Previously on October 30, CZ had written in response to an interaction involving Elon Musk that the company’s SPCX shares, from its $500 million investment in Musk’s Twitter acquisition, were worth more than $1 billion. On the same day, in another post, he gave a rough calculation: losses from the hack were about more than $6 billion, about $3 billion had been frozen, the SAFU fund was about more than $1 billion, the shortfall was about $2 billion, while the SPCX holdings alone were worth more than $1 billion, and the remaining shortfall was still painful but manageable. Binance co-founder Yi He then said that the company’s annual revenue was enough to cover the losses, so they did not yet need to sell the SpaceX shares they favored. CZ later clarified that mentioning the holding did not mean he planned to sell it, but was meant to show Musk some sources of funds he might understand, in order to reduce concerns.

In his latest response, CZ further said that he does not make threats, which is one of the core principles he wrote into his book. He said that the shares he holds are only a drop in the ocean to the other party and could not pose a threat, and he believes the stock will be one of the good long-term holdings. He asked that this matter not be packaged as confrontation or as an attempt to create a rift, because there are already enough problems to deal with.

Binance said that the total impact of this hack was about $6.3 billion, making it one of the largest cryptocurrency thefts to date. It has frozen about $3 billion in assets with partners, and has reserved more than $6.34 billion in company funds to cover it, with $5 billion already held in the form of the affected tokens and the remainder being purchased. The company said it will cover all user losses, and user funds are safe. Analytical firms linked the attack to North Korean hacking groups, but the final attribution is still under investigation.

Original sources:

1. Title: Brother, I know you love us, and always support us, but you’re over-interpreting this, in a bad way... Publisher: CZ 🔶 BNB (@cz_binance) Publication date: 2026-10-31 URL: https://x.com/cz_binance/status/2116415386048761953 Nature of source: Involved party’s original post Verification status: The full post and context were read for this article, verification date 2026-10-31 Supporting content: CZ explicitly said he had never said he would sell SPCX shares; the reason for mentioning them was to rebut an FTX comparison implying a lack of funds; he does not make threats; the shares are a drop in the ocean for the other party; he considers them a long-term quality holding.

2. Title: Binance arranges $6.34 billion to cover losses from biggest crypto hack ever Publisher: CoinDesk Publication date: 2026-10-30 URL: https://www.coindesk.com/business/2026/10/30/binance-arranges-usd6-34-billion-to-cover-losses-from-record-crypto-hack Nature of source: Media report Verification status: The full relevant report passages were read for this article, verification date 2026-10-31 Supporting content: Binance said the total impact was about $6.3 billion, about $3 billion had been frozen, more than $6.34 billion in company funds had been reserved (including $5 billion in the corresponding tokens), and user losses would be covered.

3. Title: Binance does not need to sell SpaceX shares to cover losses, co-founder says Publisher: Reuters Publication date: 2026-10-30 URL: https://www.reuters.com/business/media-telecom/binance-does-not-need-sell-spacex-shares-cover-losses-co-founder-says-2026-10-30/ Nature of source: Media report Verification status: The report was read for this article, verification date 2026-10-31 Supporting content: Yi He said annual revenue was enough to cover the losses and that there was no need to sell SpaceX shares; CZ had previously mentioned holding more than $1 billion in SPCX.

4. Title: Crypto Exchange Binance Confirms $500M Investment in Musk's Twitter Takeover Publisher: Decrypt Publication date: 2022-10-28 URL: https://decrypt.co/113052/crypto-exchange-binance-confirms-500m-investment-musks-twitter-takeover Nature of source: Media report (historical) Verification status: This article was read to confirm the historical investment fact, verification date 2026-10-31 Supporting content: Binance confirmed in 2022 that it invested $500 million to take part in Musk’s acquisition of Twitter. This does not prove the current SPCX holding structure, valuation, or the handling plan for this incident.