Crypto stocks drop after record $6.3bn Binance hack

Investing.com - Hackers stole $6.36 billion from Binance on Thursday evening in the largest crypto theft on record, sending cryptocurrency-linked equities down in Friday premarket trading.

Most of the funds were swept across ten blockchains in approximately 20 minutes beginning at 20:05 UTC on Thursday, and the breach appears to have originated from a compromised laptop belonging to a Binance engineer.

The theft is roughly four times the size of the previous record, the $1.5 billion Bybit hack in February 2025, which the FBI also pinned on the same North Korean group.

Strategy, which holds more Bitcoin on its corporate balance sheet than any other public company and whose stock tracks BTC price swings more closely than any other large-cap equity, was indicated down 5.1% and now 51% below its 52-week high. Coinbase lost 5.2%.

Hut 8 and Robinhood fell -5.7%, while Cipher Digital and Riot Platforms slid 5.3%. Galaxy Digital, MARA Holdings and CleanSpark were all down nearly 5%.

Bitcoin fell to a six-week low before paring some losses, down 3.1% from Thursday's close. Ether dropped more than 3.9% to a two-month low while BNB, Binance's native token, lost 6.1%.

Binance co-founder Yi He said the exchange would cover "all hacking losses" and co-CEO Richard Teng told users "your money is safe."

Partners including Tether, Circle, Ripple, and Trump-backed World Liberty Financial have helped Binance locate and freeze about $3 billion of the stolen assets, and the exchange said it expects to resume withdrawals within 48 hours of Friday. That leaves roughly $3.3 billion in stolen funds still unaccounted for publicly.

"I suspect the negative price action still has some way to go," Geoffrey Kendrick, head of digital assets research at Standard Chartered, told Reuters.

Original Article

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