CZ Says Binance’s SPCX Holdings Can Cover Most of a $2 Billion Gap

Binance’s remaining shortfall from a hack is about $2 billion, CZ said, adding that the exchange’s SPCX holdings, worth more than $1 billion, can cover most of the gap.

CZ estimated total losses from the incident at more than $6 billion. He said $3 billion had been frozen and put Binance’s SAFU fund at more than $1 billion. In his accounting, those amounts leave about $2 billion uncovered. He described the remaining amount as painful but manageable.

Binance’s SPCX holdings are valued at more than $1 billion, CZ said, and can cover most of the remaining gap. He tied the position to Binance’s $500 million investment connected to Musk’s acquisition of Twitter.

The $3 billion figure refers to funds already frozen, while SPCX is an existing stock position and the SAFU fund is a separate source of coverage. CZ’s roughly $2 billion estimate is the residual after frozen funds and SAFU were counted against the loss estimate. He provided the totals as approximate figures.