FORBES · 2026-10-30 13:09 UTC

'Please Stop'—Binance Founder Begs Elon Musk After Massive Hack Triggers Bitcoin And Crypto Price Crash Fears

Bitcoin price fell to $76,000, down nearly 10% from $90,000 at the start of the month, following a $6.3 billion hack on Binance. Binance founder CZ promised to cover losses using the exchange's $1 billion bitcoin reserve and company resources, while suspending withdrawals as a safety measure. Elon Musk suggested Binance could collapse like FTX, prompting CZ to ask him to stop and remind him that Binance holds over $1 billion in SpaceX shares from its Twitter investment.

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