Bitcoin Falls About 5% After $6.3 Billion Binance Hack; Crypto-Linked Stocks Slide

Bitcoin dropped roughly 5% on Friday after a reported $6.3 billion hack at the Binance exchange, one of the largest crypto thefts on record.

Crypto-related shares were hit hard in premarket trading, with Coinbase, Circle, Robinhood and Strategy each down more than 6%. Binance customer withdrawals are expected to resume by Sunday.

The episode landed on a day already marked by a broad technology sell-off, adding pressure to risk assets heading into the new month.