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Crypto Stocks Continue Drop as Binance Walks Away from FTX Deal
Concerns around FTX's health along with the broader crypto ecosystem spilled into the stock market Wednesday.
Updated May 9, 2023, 4:02 a.m. Published Nov 10, 2022, 12:00 a.m.
Cryptocurrency-exposed equities continued their dip Wednesday amid concerns around FTX’s financial health as Binance confirmed Wednesday afternoon it scrapped its letter of intent to buy rival exchange FTX.
Shares of tech firm MicroStrategy (MSTR), which holds about 130,000 bitcoins, fell 20% Wednesday. Crypto exchange Coinbase (COIN) dropped 9.5%. Crypto-focused bank Silvergate (SI) declined 12%, while financial services firm Galaxy Digital (GLXY.TO) fell 16% on the Toronto stock exchange. The stocks of bitcoin miners Riot Blockchain (RIOT) and Marathon Digital (MARA) also took a hit.
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Read more: Bitcoin, Crypto-Linked Equities Resume Falling Despite Binance/FTX Deal
Bitcoin fell about 15% to below $16,000, while ether dropped 15%, trading near $1,100.
Aside from the Binance-FTX failed deal, the U.S midterm election has been a key focus, though crypto has spilled over into the broader market Wednesday. The tech-focused Nasdaq Composite Index (IXIC) fell about 2.5%.
“What is complicating today’s mood on Wall Street is that the liquidity crisis for FTX is spilling over into other cryptos,” Edward Moya, Oanda’s senior markets analyst, said in a note Wednesday afternoon. “FTX was viewed as one of the so-called safe crypto players, and its demise is raising concerns that other key crypto companies could be vulnerable here.”
Read more: Crypto Bank Silvergate’s Stock Defended By Analysts
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- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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North Korean hackers stole a record $2 billion of crypto in 2025, Chainalysis says
North Korea-linked hackers drove a record year for crypto thefts, favoring rare but massive attacks on centralized services, led by Bybit’s $1.4 billion breach.
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- North Korean hackers stole at least $2 billion in 2025, up 51% from the year before, pushing their all-time haul to $6.75 billion.
- The hackers were behind 76% of service-level hacks, reflecting a shift toward fewer, larger breaches.
- Laundering patterns show heavy use of Chinese-language brokers, bridges and mixers, with a typical 45-day cash-out window.
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