Binance suffered a large-scale hacker attack, which caused significant fluctuations in digital assets and crypto-related stocks on Friday.
Binance is the world's largest cryptocurrency exchange. The company stated on Friday that a engineer's laptop may have been compromised, allowing hackers to gain access to the platform. According to the company, the value of the assets affected amounted to 6.3 billion US dollars.
This news caused a decline in all cryptocurrencies. Bitcoin, Ethereum, Solana, and the native cryptocurrencies of the BNB — Binance ecosystem all fell by about 4% on Friday morning. Cryptocurrency-related stocks also declined accordingly.
FxPro Chief Market Analyst Alex Kuptsikevich stated: "The market is currently undergoing a critical test of buyer sentiment. Theoretically, we might see a wave of selling as the market re-evaluates the risks faced by this industry."
As of Friday morning, with the company taking rapid measures to compensate for the losses caused by the hacker attack, over $3 billion in crypto assets have been frozen on the blockchain. By scale, this is already the largest crypto theft case to date and is considered one of the most significant financial heists on record. The most recent hacker incident of a similar scale occurred in February 2025, when North Korean hackers stole $1.5 billion in crypto assets from the Dubai trading platform Bybit.
The direct impact of this cyberattack on Friday on the market was a wave of rapidly spreading risk aversion that swept through the entire industry.
Some stocks related to encryption that are affected by the hacker news are as follows:
- Coinbase: Down 6%
- Circle Internet Group: Down 7%
- Strategy: Down 7%
- Riot Platforms: Down 6%
- Galaxy Digital: Down 6%
The decline in many stocks has exceeded that of Bitcoin and other cryptocurrencies. Digital security experts also suggest that there may be more attacks of a similar scale, which could force investors to transfer their assets out of exchanges or simply withdraw from the crypto market.
Absolute Security International Senior Vice President Andy Ward stated: "The issue with cyberattacks of this level is not whether they will happen, but when they will happen, especially against the backdrop of the rise of artificial intelligence. Cyber threats are becoming more complex and widespread than ever before, and it's only a matter of time before larger-scale hacker incidents that result in more serious financial consequences make headlines."
