Coinbase Leads Crypto Stock Sell-Off After $6.3 Billion Binance Hack
Crypto-linked equities fell sharply after Binance disclosed a multibillion-dollar breach, with Coinbase, Circle and Strategy among the hardest hit.
AfroEuropa Newsroom
AfroEuropa desk
Crypto-linked stocks fell sharply after Binance disclosed a major security breach, with Coinbase Global leading the declines. Coinbase shares dropped more than 13%, Circle Internet Group fell more than 9%, and Bitcoin treasury firm Strategy declined about 8%, according to BitKE and Cointelegraph. Bitcoin miners and blockchain financial-services companies also recorded steep losses.
The sell-off came a day after Binance, the world's largest crypto exchange, confirmed the theft of roughly $6.3 billion in cryptocurrency. BleepingComputer reported that Binance linked the theft to a DevOps engineer's compromised laptop. Decrypt described the incident as the largest crypto hack on record, putting the figure at about $6.4 billion.
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