Robinhood Plunges 10% Following Record $6.3 Billion Binance Security Breach

Robinhood Markets plunged 10% on Friday as market contagion deepened from a record $6.3 billion security breach at cryptocurrency exchange Binance. Earlier in the session, Robinhood shares had fallen 6.66% to $85.49 amid fears that the hack would hurt retail trading volumes and investor sentiment. Crypto transaction revenue contributed $120 million to Robinhood in the third quarter, representing about 8% of its $1.424 billion total revenue. The breach triggered $1.57 billion in crypto market liquidations and broad digital asset declines, with authorities and issuers freezing billions in stolen assets on-chain.