After Binance was hacked, one line of discussion emerged first: comparing it with FTX, implying that Binance lacked sufficient funds.
In his clarification on October 31, Changpeng Zhao (CZ) pushed back against that narrative. He said he had never indicated that he would sell SPCX; he mentioned the stock only because of the comparison above, to show that Binance holds assets beyond crypto assets, and that they are in a field familiar to Musk. He said he never threatens anyone, that Binance’s stake is just a drop in the ocean to the other party, and that SPCX remains a high-quality stock he intends to hold for the long term.
In terms of direction, this clarification only pushed back against the interpretation that Binance was short of cash; it offered no new evidence about its finances. Whether it changes the narrative will depend on Binance’s next verifiable disclosure of its assets.
In his clarification on October 31, Changpeng Zhao (CZ) pushed back against that narrative. He said he had never indicated that he would sell SPCX; he mentioned the stock only because of the comparison above, to show that Binance holds assets beyond crypto assets, and that they are in a field familiar to Musk. He said he never threatens anyone, that Binance’s stake is just a drop in the ocean to the other party, and that SPCX remains a high-quality stock he intends to hold for the long term.
In terms of direction, this clarification only pushed back against the interpretation that Binance was short of cash; it offered no new evidence about its finances. Whether it changes the narrative will depend on Binance’s next verifiable disclosure of its assets.
