Coinbase, Robinhood and Strategy Shares Fall After a Record $6.3 Billion Binance Hack: What It Means for Crypto Investors

Crypto stocks had a rough end to October. On Friday, Oct. 30, shares of Coinbase, Strategy and Robinhood fell between 7.2% and 10.6%, according to Reuters, after reports that hackers stole about $6.3 billion from Binance, the world's largest cryptocurrency exchange.

The drop landed on a day when the whole market was already under pressure. The Nasdaq Composite slid 2.86% to 25,437.00 and the S&P 500 lost 1.82% to 7,580.07, as disappointing results from Intel and Amazon revived worries about how much Big Tech is spending on artificial intelligence.

What happened at Binance?

Binance said a security breach late Thursday affected an estimated $6.3 billion in assets, likely the biggest crypto theft on record. About $3 billion has been frozen or recovered so far. Binance paused withdrawals, said it would cover all losses, and expected to resume withdrawals within about 48 hours.

According to France 24, citing Reuters, most of the theft unfolded in roughly 20 minutes. Blockchain analysis firms TRM Labs and Chainalysis both said they were highly confident a North Korean hacking unit was responsible. North Korea routinely denies these accusations.

Stablecoin issuers moved quickly. A stablecoin is a crypto token designed to stay worth about $1, and the companies that issue them can sometimes freeze tokens sitting in suspect wallets. Tether, Circle and World Liberty Financial helped freeze roughly half the stolen assets. That still leaves about $3.3 billion that Binance has not publicly accounted for.

For scale, Investing.com reported that the theft is roughly four times the size of the previous record, the $1.5 billion Bybit hack in February 2025, which the FBI attributed to North Korea.

Why did Coinbase, Robinhood and Strategy stocks fall?