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Musk Warns “Everyday Is Zeroday” As Rumors Swirl On News Of A Massive, $5.7 Billion Binance Hack

Elon Musk fired off two cryptic words as reports of a staggering Binance breach sent crypto markets into freefall, with estimates of the damage ranging so wildly that nobody yet knows how bad it actually is.

By AJ Tiarsmith
Published October 29, 2026, 7:52pm ET · 3 min read

Market Pulse desk. Editor: AJ Tiarsmith, PhD.

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Binance logo and wordmark sign mounted on a glass building facade
© Anton Zubchevskyi / iStock Editorial via Getty Images

The biggest crypto story of the day drew two words from Elon Musk. At 6:33 PM ET on October 29, 2026, Musk quote-posted The Kobeissi Letter’s report of a Binance hack and wrote: “Everyday is Zeroday”. At last check, the post had drawn 17,644 likes and 1,962 retweets.

A “zero-day” is a security flaw that attackers exploit before the software maker knows it exists. The developer has zero days to prepare a fix before the damage starts. Read alongside the Binance reports, we take the post as a warning that exchanges and their users face this kind of exposure all the time. That reading is our own. Musk offered nothing beyond the two words and has given no sign of special knowledge about the incident.

Loss Estimates Range Widely as Outlets Race to Report

Binance has called the event a “security incident,” and TechCrunch reported that the exchange paused withdrawals. Estimates of the loss vary widely, and Binance has not confirmed a total. Here is what has been reported in the past few hours:

  • The Kobeissi Letter, in the post Musk quoted, said wallets on the Ethereum (CRYPTO:ETH), Bitcoin (CRYPTO:BTC) and TRON (CRYPTO:TRX) networks saw outflows of $5.7 billion. That included $1.45 billion of Bitcoin and $875 million of ETH, according to The Kobeissi Letter.
  • Bitcoin Magazine reported that Binance lost $5.8 billion.
  • CryptoTicker reported that $2.8 billion was stolen from a Binance hot wallet. A hot wallet stays connected to the internet so an exchange can process withdrawals quickly.
  • Yahoo Finance reported that $2 billion was stolen.
  • Reuters reported that Tether and Circle Internet Group (NYSE:CRCL | CRCL Price Prediction) blocked $2.38 billion after Binance reported a security incident. That figure counts the stablecoin balances the two issuers locked up. It is a separate number from the total taken.
  • CNBC described a potential Binance “security issue.”
  • The Wall Street Journal reported that Binance’s founder said the exchange “may be” the victim of the biggest-ever crypto theft. Bloomberg reported that founder CZ said Binance “may have been hacked.”

Tether and Circle can blocked their tokens at specific wallet addresses. Issuers use that tool to stop stolen funds from moving or being swapped into other assets. For a sense of scale, our coverage in October 2022 reported that Binance blocked trading after it spotted a potential hack worth $600M. Every estimate in circulation today is several times larger than that.

Crypto Prices Fall as Hack Fears Spread

Selling started before most of the headlines appeared. BeInCrypto reported that crypto liquidations exceeded $628 million in a single hour as hack fears hit Bitcoin. A liquidation is the forced closing of a borrowed position once losses wipe out the trader’s collateral.

Binance’s native token, BNB (CRYPTO:BNB), took the hardest hit. It fell 7.11% over 24 hours to $704.28, leaving it 48.59% below its all-time high. Bitcoin slipped 3.27% to $78,620, which puts it 37.64% below its $126,080 peak from October 6, 2025. Ether lost 4.05% and now trades at $2,263.83.

Bitcoin is now below both its 20-day moving average of $81,854.49 and its 50-day average of $81,896.19. It is still above its 200-day average of $73,070.62. The token had already lost 10.23% year to date before today’s news.

Key Unknowns to Track Before the Next Move

  • Confirmed figures from Binance. Reported totals range from $2 billion (Yahoo Finance) to $5.8 billion (Bitcoin Magazine). Only an official accounting will determine the number.
  • Further blocked. More blocked by stablecoin issuers or other exchanges would narrow the amount attackers can actually move.
  • Customer balances. None of the reports cited here has established whether customer funds were affected. Watch for the timing of any restart of withdrawals.
  • Price action. BNB is the most direct read on confidence in Binance. Bitcoin’s 200-day average is the next widely tracked level below the current price.

The story is still developing, and the figures above may change as Binance and investigators release more information.

Contact [email protected] for any questions or corrections.

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AJ Tiarsmith

AJ spent 10 years writing about financial markets at The Motley Fool. His coverage centers on technology stocks and the broader macroeconomic trends, from interest rates to geopolitics,  that shape where markets are headed next. AJ is drawn to the stories where big-picture economics and individual companies collide.

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