Crypto stocks tumble as Coinbase loses 12.5% after Binance hack

Crypto stocks have fallen as much as 12.54% in Oct. 30 trading, with Coinbase leading the losses following its quarterly earnings release and Binance’s $6.3 billion security breach. Summary Coinbase fell 12.54%, while Riot, Hut 8 and Robinhood lost more than 8% each. Strategy recovered from its session low but remained down 6.23% at $132.80. Coinbase reported a 44% annual drop in transaction revenue despite returning to a quarterly profit. Binance has pledged company funds to replace stolen assets, with purchases underway across exchanges and OTC desks. Market data at around 11:25 a.m. EDT on Oct. 30 showed losses across Coinbase, Strategy, Robinhood, BitMine and five mining companies, although several stocks had recovered from their session lows. Declines ranged from 4.89% for BitMine Immersion Technologies to 12.54% for Coinbase. Coinbase traded at $140.46, down $20.13 from its previous close. Earlier in the session, shares touched $136.93 before recovering some ground. The stock opened at $147.43 and reached an intraday high of $153.60. Selling reached mining companies, trading platforms and corporate cryptocurrency holders. Across the nine stocks, the simple average decline was...