Coinbase Leads Crypto Stock Selloff After $6.3B Binance Hack

Crypto-linked stocks fell sharply Friday after Binance disclosed a security breach involving approximately $6.3 billion, making it the largest cryptocurrency theft on record. Coinbase shares dropped more than 13%, according to Yahoo Finance data. Circle Internet Group fell over 9%, Strategy declined about 8%, IREN dropped more than 10%, and Figure Technology Solutions lost roughly 9%.

Coinbase’s decline followed a mixed third-quarter report. The exchange posted $719 million in net income, including approximately $715 million in gains on cryptocurrency investments, while adjusted net income reached $78 million. Net revenue fell 34% year over year to $1.16 billion. Coinbase also said its prediction-markets business generated more than $200 million in annualized revenue.

Strategy reported $19.53 billion in net income, largely driven by a $20.91 billion increase in the value of its Bitcoin holdings. Revenue declined 3% year over year to $125.4 million. The company also announced that chief financial officer Andrew Kang will step down on Nov. 5.

The market selloff reflects growing concern about the financial impact of the reported Binance hack and its potential effects on the broader digital-asset sector. Binance has said hackers stole about $6.3 billion and is working with the FBI to recover the assets. Crypto investments and trading carry significant risk, and readers should conduct independent research before making financial decisions.