TLDR
- Binance says the total impact of its hack is about $6.3 billion, over four times the 2025 Bybit hack.
- Changpeng Zhao told Elon Musk it was a “bad time to troll” after Musk posted laughing emojis.
- About $3 billion in assets are frozen, and Binance says it will cover all user losses.
- Co-CEO Yi He says annual revenue can cover the losses, so Binance does not need to sell its SpaceX shares.
- Trader Quinten Francois says the market fell only 2% to 3% because there is no domino effect.
Binance founder Changpeng Zhao told Elon Musk on Friday to stop trolling. Musk had reacted with laughing emojis to concerns that Binance’s hack losses could mirror the 2022 collapse of FTX.
Musk first posted “Everyday is Zeroday” as news of the hack broke. He later replied with fire and laughing emojis to a post Zhao made on October 28. In that post, Zhao told users not to click links in emails or download attachments.
JUST IN: Elon Musk says "everyday is zeroday" following Binance hack. pic.twitter.com/2OvnCT500E
— Watcher.Guru (@WatcherGuru) October 29, 2026
Binance’s early findings point to a compromised employee laptop as a key factor in the incident. Musk also posted a grimacing face emoji in response to talk about the size of the outflows.
Zhao replied on X, “Elon, have a lot of respect for you, but bad time to troll. Please stop.” He said Binance’s SpaceX shares are worth more than a billion dollars. He said they came from a $500 million investment in Musk’s Twitter takeover.
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!
— CZ 🔶 BNB (@cz_binance) October 30, 2026
Another user then posted an old quote from Sam Bankman-Fried. The quote claimed FTX could cover all client holdings just days before it collapsed.
How Large Are the Losses?
Binance said the estimated total impact is roughly $6.3 billion. That is more than four times the losses from the 2025 Bybit hack, which held the record for the largest crypto theft.
The exchange said about $3 billion in assets have been frozen. It is working with law enforcement, Tether, Circle and other partners to trace and freeze more funds.
Analyst 0xngmi estimated losses near $1 billion after stablecoin freezes. He compared that to the $144 billion in assets Binance says it holds for customers.
Zhao replied, “Loss might be a bit higher than that, but will cover.” That did not confirm the $1 billion figure, so the final loss number is still unclear.
Zhao also gave rough figures of about $6 billion in outflows and $3 billion frozen. He said the Secure Asset Fund for Users and the SpaceX holdings helped address most of the remaining gap.
Binance co-CEO Yi He said yearly revenue is enough to cover the losses. Zhao later said he never proposed selling the shares. He said he only wanted to point out the resources available.
Industry Response
Trader Quinten Francois said the market is down only 2% to 3% despite the largest crypto hack on record. He argued there is no chain reaction like the one after FTX, because the money was taken from the player with the deepest pockets.
Coinbase CEO Brian Armstrong offered support on X. He said his team is blocking sends to compromised wallets and has contacted Binance directly.
Binance has said deposits and withdrawals remain suspended while security checks continue. It said it found no evidence that a wallet private key leaked.
On Friday, Coinbase shares fell 10.62% and SpaceX shares fell 6.37%. BNB was down 0.23%.
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