Binance co-founders Changpeng Zhao, known as CZ, and Yi He responded on Oct. 30 to questions around the exchange’s recent losses. CZ said earlier analysis had estimated Binance’s total losses at about $1 billion after USDT and USDC were frozen, equal to roughly 0.69% of assets under custody. He added that the actual loss could be slightly higher, but said Binance would cover it.
Yi He then said the company’s annual revenue is enough to absorb the loss, meaning there is no immediate need to sell its SpaceX stake. CZ later clarified that he had not said Binance would sell SPCX shares. Instead, he said he was only listing some funding-related information he might know.
The comments were posted as Binance addressed market discussion over the scale of the loss and how it would be handled internally.
Binance co-founders Changpeng Zhao, or CZ, and Yi He posted responses on Oct. 30 addressing questions about the company’s recent losses.
CZ said earlier analysis had put Binance’s total losses at about $1 billion after USDT and USDC were frozen, or roughly 0.69% of assets under custody. He said the actual loss may be slightly above that figure, but Binance will absorb it.
Yi He said the company’s annual revenue is enough to cover the loss, so there is no need for now to sell its SpaceX stake.
CZ later added that he had not mentioned selling SPCX shares and was only listing some funding situations he might know about.
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