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Crypto-related equities sold off on Friday, Oct. 30, 2026, as a multibillion-dollar security breach at Binance landed alongside a technology-sector slide tied to worries about artificial-intelligence spending. Bitcoin.com News reported that Coinbase fell more than 12% and Strategy dropped 6%, even though both companies had posted quarterly profits the previous night.
The source noted that bitcoin briefly fell toward $76,000 on Friday morning before ticking back up to just under $77,900, a nearly 5% drop over 24 hours. More than $1.5 billion of leveraged crypto positions were liquidated in that window.
Also read: Tokenized Stocks Near $4B as Coinbase Base Tokens Top $4B Volume
Key facts
- Binance estimated the incident affected about $6.3 billion of assets, after an attacker apparently gained access through a compromised employee laptop and submitted unauthorized withdrawals.
- Coinbase fell 12.54% to $140.46 as of roughly 11:25 a.m. EDT, per crypto.news, after reaching a session low of $136.93; Bitcoin.com News put the drop at 12.4% to $140.70.
- Strategy traded at $132.80, down 6.23%, after falling to $124.34, crypto.news reported. Bitcoin.com News cited a decline of more than 6% to $132.20.
- Crypto.news reported losses across nine tracked stocks averaging about 7.48%, including Riot Platforms at 8.70% and Hut 8 at 8.51%, while the Invesco QQQ Trust fell 2.83% and the SPDR S&P 500 ETF Trust slipped 1.36%.
- Coinbase posted $719 million in Q3 net income, and Strategy reported $19.53 billion of net income with $44.75 in diluted earnings per share.
Two shocks at once
According to Bitcoin.com News, the Binance breach involved roughly $3 billion frozen onchain, with the exchange saying it would cover losses through its Secure Asset Fund for Users (SAFU) and corporate resources. Binance said it found no evidence that private wallet keys were compromised.
A second strain came from the AI trade. Alphabet suffered a 13% decline on Thursday, while Amazon and Intel results added to questions about how quickly companies can generate returns on large AI investment. Intel shares were down more than 28% on Friday following an underwhelming earnings report.
Crypto.news reported that Binance reserved more than $6.34 billion of company funds, including $5 billion already held in the affected cryptocurrencies, and has begun buying back stolen altcoins through exchanges and over-the-counter desks. Co-founder Yi He said its available holdings included bitcoin and ether, though the company did not disclose how much of either asset it would sell.
Earnings could not offset the backdrop
Coinbase’s headline profit came with softer underlying trading. Bitcoin.com News reported transaction revenue fell to $590 million from about $1 billion, while total revenue declined to $1.22 billion from $1.87 billion. Crypto.news put transaction revenue at $590.2 million, down 44% year over year, and total revenue at $1.216 billion, a 35% annual decline.
Strategy’s results were dominated by gains on its bitcoin holdings. The company held 848,517 BTC as of Oct. 25, while quarterly revenue slipped 3% to $125.4 million. Crypto.news reported that a company filing showed those coins were acquired for $64.02 billion including fees, and that Strategy made no bitcoin purchases or sales during the week ended Oct. 25.
Wall Street analysts took a different view of the selloff. Crypto Briefing reported that Cantor Fitzgerald, TD Cowen and Compass Point framed the breach as a dip worth buying in crypto-linked equities, citing the frozen funds and Binance’s reserve pledge. Moody’s took a more cautious stance, flagging hot-wallet and concentration risks. Crypto Briefing also reported that TRM Labs and Chainalysis attributed the attack to TraderTraitor, a group associated with North Korea.
Why it matters
The session showed how crypto equities can amplify moves in the underlying market: bitcoin weakness pressures their core exposure, the Binance breach revived security concerns, and the AI-led technology selloff hits the same high-beta investor base. Coinbase and Strategy both carried strong backward-looking earnings into a rapidly deteriorating risk environment.
What to watch
Binance has paused withdrawals as a precaution and expects to restart them within days. Whether the frozen $3 billion stays frozen and whether the reserve pledge translates into restored customer balances are the concrete checkpoints for the sector.
This is not financial advice. Prices of crypto assets and related equities are volatile and can change quickly.
Reported by Bitcoin.com News.
Sources: Bitcoin.com News, crypto.news, Crypto Briefing