Coinbase shares plunged 12.5% as crypto stocks fell alongside Bitcoin and broader markets. Weaker trading revenue, a major investment gain in Coinbase’s earnings and Binance’s costly breach all add context—but the data don’t pinpoint what drove the sell-off.
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Blockaid says a valid EIP-7702 authorization enabled the Binance 14 drain, estimated at roughly $2.5 billion. Binance’s broader $6.3 billion “affected” figure remains unexplained, while the authorization’s origin and the incident’s full scope are still unclear.
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Reports linking AI to the Binance breach outpace the evidence. The Musk quote remains unverified, Binance’s account is preliminary, and a separate OpenAI incident involved testnet funds—not a mainnet theft or proof of self-directed AI finance.
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