Coinbase falls 11% after Binance suffers record $6.3B hack and weak Q3 trading results

Coinbase's stock dropped 11% following a record $6.3 billion hack at Binance and disappointing Q3 2026 earnings, with net revenue down 34% year-over-year and trading revenue falling 44%. Despite a $715 million crypto investment gain boosting net income, adjusted earnings were weak, reflecting low crypto volatility. The Binance hack, attributed to North Korean hackers, froze billions in assets but Binance pledged to cover losses. Other crypto-related stocks like Strategy, Robinhood, and Circle also declined amid market uncertainty. Coinbase's future depends on Binance's recovery efforts, trading volume trends, and regulatory developments ahead of the U.S. midterm elections.

Following the Binance hack and Coinbase's earnings miss, Coinbase (COIN) shares dropped 12.63% to USD 140.30 on Pluang as of Oct 30, 2026 21:12 WIB. Circle (CRCL) also fell 9.05% to USD 72.75, while Strategy (MSTR) declined 9.77% to USD 127.69. Robinhood (HOOD) shares decreased 8.69% to USD 83.63, showing broad weakness across crypto-related stocks on the platform.