Coinbase leads crypto stock selloff following $6.3B Binance hack
Summary
Crypto-linked stocks sold off Friday after Binance disclosed a $6.3 billion theft, described as the largest crypto theft on record, and Coinbase reported lower third-quarter revenue. Coinbase shares fell more than 13%, while Circle dropped over 9%, Strategy about 8%, IREN more than 10%, and Figure about 9%. Coinbase posted $719 million in net income, largely from crypto investment gains, but net revenue fell 34% year over year to $1.16 billion. Strategy reported $19.53 billion in net income, mainly from a Bitcoin valuation gain, while revenue slipped 3% to $125.4 million. Coinbase said its prediction markets business exceeded $200 million in annualized revenue. Strategy also said CFO Andrew Kang will step down Nov. 5.
