Coinbase leads crypto stock selloff following $6.3B Binance hack

Shares of major industry players fell significantly as investors reacted to the news of the record-breaking theft. The breach at Binance has raised systemic concerns about the safety of the entire cryptocurrency infrastructure. Companies with direct exposure to Bitcoin or exchange operations were hit hardest during the trading session. This selloff reflects a broader risk-off sentiment as the market assesses the potential for regulatory blowback. The incident has temporarily overshadowed recent positive developments in the institutional adoption of digital assets. Analysts expect heightened volatility as the full extent of the damage is realized.