Binance founder Changpeng Zhao and Tesla CEO Elon Musk exchanged memes on November 6, 2026, amid a global market downturn. The interaction began following a query from Dogecoin co-creator Billy Markus regarding market conditions during a period when Bitcoin and stock prices were falling.
The exchange follows a previous incident on October 29, when hackers linked to North Korea reportedly stole $6.3 billion from Binance. During that event, Musk responded to a security warning from Zhao with laughing emojis, prompting a request for support from the Binance founder.
The recent market volatility originated from a slump in AI chip stocks, which resulted in a $2 trillion wipeout across global equities. In South Korea, the KOSPI index dropped 8%, triggering a circuit breaker as it fell below 5,000 points.
The crypto market crash led to significant liquidations, including one trader losing 201 BTC, valued at approximately $15.6 million. Bitcoin prices fell below $80,000, reaching a one-month low. Analyst Ben Cowen suggests that a 2018-style selloff could push Bitcoin down to $58,000.
