A $6.3 billion theft at Binance, the largest cryptocurrency exchange, rattled financial markets on Friday. Coinbase sank more than 12 percent, while Strategy, the world's largest Bitcoin holder, dropped over 10 percent. Robinhood fell more than 8 percent.
Bitcoin's price slumped nearly 5 percent to $76,800, with Ethereum and Solana also declining around 5 percent. The selloff began Thursday following reports of what could be the largest crypto heist ever. Binance reserved $6.34 billion in company funds to cover losses, stating it can absorb the impact comfortably.
Analysts suggest the stolen Bitcoin will not add significant selling pressure to the broader market.
Source: New York Times Top Stories · Summarized by HeadlinesBriefing