Crypto Stocks Slide After Record $6.3 Billion Binance Hack

Crypto-related stocks fell in premarket after Binance disclosed what it estimated to be the biggest hack on record: $6.3 billion. Shares of Circle Internet Group, Robinhood Markets, and Coinbase Global dropped 5.93%, 6.17%, and 5.33%, respectively. Bitcoin slid more than 4% to below $78,000. Binance said about $3 billion of the affected assets were frozen and pledged to cover losses using its Secure Asset Fund for Users and company funds. An initial investigation pointed to a compromised engineer’s laptop that enabled unauthorized withdrawals, though co-CEO Richard Teng later characterized the incident as a complex process rather than a single misuse of permissions. Binance added it found no evidence of a wallet private key leak and expected withdrawals to resume within 48 hours. Circle froze over $800 million of USDC tied to the event.