Elon Musk has joined the conversation around Binance’s massive $6.3 billion hack, but Changpeng Zhao clearly was not in the mood for jokes.
Musk responded to the discussion with a grimacing emoji, prompting CZ to tell him it was a “bad time to troll.”
CZ then pointed out that Binance’s SpaceX shares, stemming from its $500 million investment in Musk’s Twitter takeover, are now worth more than $1 billion.
Binance co-founder Yi He added that the company’s annual revenue is enough to cover the losses, joking that there is no need to sell the SpaceX stake.
Behind the exchange is a more serious point.
The market does not appear to be treating Binance like another FTX.
Why This Is Different From FTX
FTX collapsed because customer funds had been used elsewhere and the exchange could not meet withdrawals once users rushed for the exit.
Binance is dealing with a security breach.
Attackers stole roughly $6.3 billion after compromising internal systems, but Binance says it will cover all unrecovered losses using company resources and its SAFU fund.
Elon is trolling following the Binance hack. One thing we should keep in mind is that the Binance incident is not similar to FTX. FTX used customer funds for trading, marketing and other investments, and filed for bankruptcy when they knew they couldn’t pay users back. Even after one of the biggest hacks ever, at the world’s largest crypto exchange, Bitcoin fell only about 5%. That’s roughly 80% smaller than the drop we saw during the FTX collapse. Binance has earned huge profits over the last few years and has more than enough reserves to cover every user. The market trusts Binance to take this hit, which is why there was no big sell-off.
— Josh (@CryptoWorldJosh) October 30, 2026
A company with enough reserves and cash flow can potentially absorb a hack.
An exchange that no longer has its customers’ money has a completely different problem.
Crypto analyst Josh pointed to Bitcoin’s reaction as another sign.
Despite one of the largest crypto hacks ever, BTC dropped only around 5% initially. That is far smaller than the collapse seen during the FTX crisis.
The selloff was also amplified by leverage, with more than $1 billion in long positions liquidated as prices dropped.
Binance Still Has to Prove It Can Absorb the Hit
Almost $3 billion of the stolen assets have reportedly already been frozen, reducing the potential final loss.
But billions remain unresolved, and the investigation is ongoing.
So the Binance story is far from finished.
The real test will be whether withdrawals normalize, customers remain fully covered and Binance absorbs the remaining damage without liquidity problems.
For now, though, the market appears to see this as a catastrophic hack rather than an insolvency event.
That is why Musk can troll CZ after a $6.3 billion theft without Bitcoin reacting as if another FTX has just collapsed.
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