Binance’s Changpeng Zhao threatening Elon Musk that he will nuke $1 billion in SpaceX shares
(Remember it was CZ threatening to dump FTX’s FTT token that helped kick off FTX’s collapse)
![Tweet by CZ 🔶 BNB @cz_binance Loss might be a bit higher than that, but will cover. 🙏 Quote tweet of 0xngmi @0xngmi · 2h Binance has 144bn of assets under custody, with USDT and USDC frozen the total loss now is around ~1bn, which is only 0.69% of their total assets under custody They'll cover it from balance sheet easily Reply by Baseball Bonk Inu @HuaweiMate6 bruh 🙄 [screenshot of Sam Bankman-Fried tweet on Nov 7 2022 reading "2) FTX has enough to cover all client holdings."] Reply by Elon Musk @elonmusk 😬 Reply by CZ 🔶 BNB @cz_binance Elon, have a lot of respect for you, but bad time to troll. Please stop. Our SPCX shares (from our $500m investment in your Twitter takeover) are worth more than a billion. Would appreciate if you show a little support. Thanks!](https://storage.mollywhite.net/micro/b920082571a2626dd72a_Screenshot-2026-11-01-at-11.19.47---AM.png)
Thoughts
Short thoughts, notes, links, and musings by Molly White. RSS 
Binance hasn’t REcovered $6B+, it’s COVERING it (reimbursing customers from company funds).
Bad headlines like this are a big part of why I started covering crypto. Generalist reporters on deadline far too often end up repeating company spin.
![Tweet by Binance @binance Oct 30 Binance has begun [begun highlight] recovering [end highlight] affected assets for users and continues to work with law enforcement, issuers, blockchain intelligence firms and industry partners to trace, freeze and recover additional funds. The company has already publicly committed to cover losses through company funds in the prior announcement. [begin highlight] Binance has already reserved over $6.34B of company funds to cover this incident. [end highlight] $5B of these funds are already held in the exact token assets that were impacted. We are completing the purchase of the remaining amount by buying token assets through market channels and OTC channels. We are doing this to match the format of the remaining token assets and address any asset shortfalls. This step can take longer because some tokens may have low liquidity and OTC settlement also takes time. We will share more progress as soon as we can. These figures do not include frozen or protected assets, which remain subject to ongoing recovery and verification. Currently, $3bn has been frozen, with thanks to our industry partners. We are working with partners and law enforcement to recover the frozen assets.We will continue to use company resources to cover confirmed shortfall and will provide further verified updates as recovery efforts progress. Ultimately, all user funds will be verified publicly through our Proof of Reserves. We will weather this storm. Thank you for the support.](https://storage.mollywhite.net/micro/43d591f66d2b6f200e7d_Screenshot-2026-11-01-at-10.29.48---AM.png)
If you are reading this, you are someone who reads the news, and if you are someone reading the news, that hand is throttling your heart right now. On some level, you know this, but you are likely so used to it that you do not really know how hard it’s squeezing, and how much it saps your strength.
There is a difference between burying your head in the sand and periodically reminding ourselves that the world can be beautiful and good. We have somehow become convinced that turning away even for a second is a betrayal of the most vulnerable amongst us, but constant activation paralyzes us with dread and leaves us too exhausted to take action. Hyperawareness is not a virtue, it’s a symptom of mental illness—ask your complex post-traumatic stress disorder friends about it sometime. We are not betraying the cause by turning off our phones for a few hours; we are not lazy pieces of shit who deserve to be poor when we opt for sleep over pseudoproductivity.
The healthcare marketplace would like me, a self-employed person with no recorded disabilities who has never served in the military, to prove that I DON’T have insurance through an employer, the VA, or Medicare.
Apparently I am meant to do this with things like a letter from my employer saying they don’t over me coverage?? “Dear me, I regret to inform us...”
this is a very weird headline to run alongside an article that essentially says that an organization that believes in the importance of fair use thinks that fair use should not be interpreted in a way that narrows existing copyright law
In July 2024, I reported that Coinbase appeared to be violating campaign finance law by making contributions while holding federal contracts. I filed an FEC complaint alongside Public Citizen. The FEC hasn’t acted. Since, Coinbase has given $60M more and landed another federal contract.
Coinbase responded to the initial complaint by arguing that, despite having received a federal contract, they were not a federal contractor — then insinuated I had secret funders and made lightly veiled legal threats against me.
“It’s bad enough when the laws are weak or there are loopholes in the law, but it’s almost worse when you have laws on the books that aren’t being enforced because the regulator is inadequate, and that’s the situation where we’re finding ourselves now,” said Eric Petry, counsel in the Brennan Center for Justice’s elections and government program.
I track Coinbase’s (and its top executives’) campaign spending. They’ve spent $100 million+ since 2024 across super PACs, Trump campaign committees, and other individual candidates.
It looks like Binance is getting drained right now, across multiple hot wallets, for $2B and counting.
Pretty normal for exchanges to migrate wallets, NOT normal for them to then swap to Tether and dump
government transparency is going just great
![FCC Website Error An unexpected error occurred with your request. Please check back later. Reference ID: [missing]](https://storage.mollywhite.net/micro/298816030c9ad65a07a7_Screenshot-2026-10-28-at-12.28.09---PM.png)
This is happening to me, but with "tips" about a huge range of crypto-related issues (or perceived issues) people are personally struggling with. The volume is genuinely challenging to deal with.
It takes fairly little effort for a person to tell their AI bot to research and draft an email, but it takes the recipients real time to dig into these tips and separate hallucinations from tips that might actually have some basis. They're basically DDOSing journalists.
I've basically had to start ignoring tips that come in with clearly AI-written emails, even though I know I risk missing stuff. I just don't have the capacity.
someone at Polymarket is drafting a tweet about how their users accurately predicted the Brazilian election result within one point
