PomegraCoinbase Stock Falls 10.6% After Binance Hack
Why did Coinbase stock fall 10.6%?
Coinbase (COIN) stock fell 10.6% on Friday to $143.54 after hackers stole a record $6.3 billion from Binance, a theft the FBI blames on North Korea, though the drop also followed Coinbase's quarterly results.
Key numbers
| Stolen from Binance | $6.3BRecord crypto theft |
|---|---|
| Estimate range | $6.3B–$6.36BBinance vs blockchain-tracking estimates |
| Coinbase close (Oct 30) | $143.54-10.6% on the day |
| Frozen after hack | ~$3BCircle froze $800M of USDC |
| Binance withdrawals (Nov 1) | $3.64BNet outflow in 9.5 hours |
| Bitcoin (Nov 2) | $78,354+0.4% on the day |
What happened
Coinbase (COIN) stock fell 10.6% on Friday to $143.54 after hackers stole a record $6.3 billion from Binance, a theft the FBI blames on North Korea, though the drop also followed Coinbase's quarterly results. Hackers moved the money out of Binance, the world's largest crypto exchange, on Thursday evening, most of it in about 20 minutes. Before the market opened Friday, Coinbase, Robinhood and Circle were down 5% to 6%, and by the close the losses were roughly 9% to 11%. Binance says it has replaced 90% of the stolen money and users will not bear the loss.
Why it matters
Coinbase and other crypto companies make money when customers feel safe trading, so a record theft at a rival can shake trust across the whole industry. The FBI says a North Korean state hacking unit called TraderTraitor did it and is now turning the loot into Ethereum. The share drops also had other causes: Coinbase reported results that day, and the Nasdaq fell nearly 3% in a tech selloff.
Who this affects
- MarketbearishMedium impact
- Crypto investors saw bitcoin and crypto stocks drop on security fears.
- CompanybearishMedium impact
- Coinbase shareholders took a double hit from the hack and earnings.
- CompetitorsbearishMedium impact
- Robinhood and Circle fell about 9% to 10% as well.
- IndustrymixedHigh impact
- Exchanges face tougher security questions, though frozen funds showed fast responses.
Coinbase vs Robinhood, Circle
How we got here
Hackers drain about $6.3B from Binance, mostly within roughly 20 minutes; withdrawals halted.
Coinbase, Robinhood and Circle shares fall; bitcoin slips below $78,000.
FBI blames North Korea's TraderTraitor; Binance says 90% of stolen assets replaced.
Binance restarts withdrawals in phases; customers pull a net $3.64B.
What to watch
- Binance completes phased withdrawals and covers the remaining 10% of stolen assets.2026-11
- FBI and blockchain trackers follow stolen funds as they are laundered through Ethereum services.Q4 2026
Educational content only. Not investment advice.
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