3 articles · Updated · The New York Times · Oct 30
Summary
$6.3 billion in stolen funds at Binance triggered a Friday selloff across crypto-linked equities, with Coinbase down more than 12%, Strategy off more than 10% and Robinhood falling over 8%.
Bitcoin dropped nearly 5% to $76,800, while Ethereum and Solana each fell about 5%, extending a rout that began Thursday after reports of what could be the largest crypto heist ever.
Binance said it set aside $6.34 billion of company funds to cover the losses, a move analysts said should let the exchange absorb the hit without forcing major Bitcoin sales.
The slide underscored how a security breach at the largest crypto exchange can quickly spill into token prices and publicly traded companies tied to digital-asset trading.