Coinbase leads crypto stock selloff following $6.3B Binance hack

Shares of publicly traded cryptocurrency companies fell sharply Friday, with Coinbase dropping more than 13% a day after reporting a decline in third-quarter revenue, as the industry dealt with Binance’s $6.3 billion hack.

Other crypto-linked stocks also declined, with stablecoin issuer Circle Internet Group (CRCL) falling more than 9% and Bitcoin treasury company Strategy (MSTR) dropping about 8%, according to Yahoo Finance data at the time of writing.

Source: Yahoo Finance

The selloff also hit Bitcoin mining and data center operator IREN (IREN), whose shares fell more than 10%, and blockchain-based financial services company Figure Technology Solutions (FIGR), which dropped about 9%.

The declines followed Thursday’s disclosure of a the Binance breach. The exchange confirmed Friday that hackers stole about $6.3 billion in the largest cryptocurrency theft on record.

Related: Binance working with FBI to recover assets following $6.3B hack

Crypto gains lift Coinbase, Strategy profits as revenue falls

Coinbase and Strategy both reported third-quarter earnings Thursday, with gains on their crypto holdings lifting profits even as revenue declined.

Coinbase reported $719 million in net income, boosted by about $715 million in gains on cryptocurrency investments. Adjusted net income, which excludes investment gains and other items, was $78 million. Net revenue fell about 34% year over year to $1.16 billion.