Crypto Shares Fall After Binance Breach and Coinbase Results

Crypto-linked shares fell on October 30 as investors reacted to Binance’s reported October 29 security breach and Coinbase’s weaker transaction revenue. Coinbase shares were down about 11% to 12.5% in intraday trading, while Strategy and other companies tied to digital assets also declined. The reported price changes were observed at different points during the session and were not closing figures. Binance said the breach affected an estimated $6.3 billion in assets. The exchange reported that about $3 billion had been frozen through industry cooperation and said it would cover losses. Those figures and the recovery commitments are Binance’s statements; the reports did not independently verify the affected amount or the final recovery. In an October 30 update, Binance said it had reserved more than $6.34 billion in company funds, including $5 billion already held in the affected cryptocurrencies. It said it had begun buying back stolen altcoins through exchanges and over-the-counter desks. Binance also said limited liquidity and settlement could delay some purchases. Coinbase reported third-quarter transaction revenue of about $590 million, down 44% from a year earlier. Net...