Binance was the victim of the theft, but Coinbase was the first to suffer. Binance was hacked, losing approximately $6.3 billion, the largest crypto theft on record. Binance has stated it will use its SAFU fund and company funds to compensate users, and will bear the losses itself. As a result, on the evening of October 30th, when the US stock market opened, crypto stocks fell across the board. Coinbase fell over 13% intraday, leading the sector's decline; Circle, which issues USDC, fell 9%, Strategy, which holds Bitcoin, fell about 8%, and mining companies and Robinhood were also affected. Coinbase was particularly unlucky, having just released its Q3 report the day before: revenue decreased by 34% year-on-year, leaving only about $1.16 billion. While net profit was $719 million, the bulk of that was from the appreciation of its crypto assets, approximately $715 million. Excluding these investment gains and several other items, the company's adjusted net profit was only 78 million. The financial report was already bad, and then a competitor ran into trouble, suffering double blows. Wall Street isn't too worried. A Cantor analyst said it's painful, but this isn't 2022, and he plans to buy when the stock price weakens. Compass Point also thinks Coinbase might take on more business after this. The company considered likely to take on more business is ironically the one that suffered the most.