Key Highlights

● IREN slid on Friday, October 30, 2026, with the crypto-linked complex.

● Binance was reportedly hacked for about $6.3 billion.

● Bitcoin fell to a six-week low.

● No company-specific news was found to explain the move.

Shares of IREN Ltd. (NASDAQ:IREN) slid on Friday, October 30, 2026, as the selloff in digital-asset stocks deepened after Binance, the world's largest cryptocurrency exchange, was reportedly hacked for about $6.3 billion. No company-specific news was found to explain the move. The stock traded in step with Bitcoin miners and other crypto names listed on the Nasdaq.

Reports differed on the size of the move. A late-morning snapshot from market data showed a steep loss, while Market data described an even deeper drop.

What happened at Binance

Binance disclosed a breach on Thursday evening and on Friday confirmed that roughly $6.3 billion had been stolen, which would make it the largest crypto theft on record. Blockchain analytics firms TRM Labs and Elliptic tied the attack to North Korea, according to market data. The exchange blamed a compromised laptop belonging to a DevOps engineer, market reports said.

Binance said it would make customers whole. "We are committed to covering all hacked losses through our company funds," co-CEO Richard Teng said. About $3 billion of the stolen funds was reportedly frozen, and withdrawals were expected to resume by Sunday.

The damage spread quickly to prices. Bitcoin traded around $76,700 to $77,600, down from about $86,000 earlier in the month. Ether hovered near $2,237. A digital-assets research head said: "I suspect the negative price action still has some way to go,"

Miners moved as a pack

IREN, which runs data centers used for Bitcoin Mining and AI computing, was hardly alone. Riot Platforms (NASDAQ:RIOT), Hut 8 (NASDAQ:HUT), MARA Holdings, CleanSpark and Cipher all fell with the crypto selloff, and none had company-specific news, according to market reports. Strategy, the largest corporate holder of bitcoin, sank, and Coinbase (NASDAQ:COIN) tumbled after its own quarterly Revenue missed estimates.

The broader market offered no cushion. The Nasdaq Composite dropped 747.73 points to 25,437.00, its worst day since June, as Intel (NASDAQ:INTC)'s cash-burn warning and Amazon (NASDAQ:AMZN)'s results set off a rout in chip, AI and megacap tech stocks. The S&P 500 fell 140.32 points to 7,580.07, the Dow Jones Industrial Average lost 572.25 points to 51,770.31 and the small-cap Russell 2000 slid 47.37 points to 2,811.84.

For a company that sits at the crossroads of bitcoin and AI infrastructure, the session combined two separate sources of pressure. The Philadelphia Semiconductor index fell to 10,688.80, and AI-infrastructure names such as CoreWeave (NASDAQ:CRWV) and Nebius (NASDAQ:NBIS) closed sharply lower without company-specific news.

Rates and risk appetite

A hawkish Federal Reserve added to the gloom. The Central Bank left its benchmark rate range unchanged at its Oct. 27-28 meeting in a 10-2 vote, with Governor Lisa Cook and Cleveland Fed President Beth Hammack dissenting in favor of a hike. On Friday, St. Louis Fed President Alberto Musalem said: "I judge that additional firming of Monetary Policy will be necessary, and soon." CME FedWatch data showed traders treating a December rate increase as the likely outcome.

The Cboe (CBOE:CBOE) Volatility Index rose to 19.42 from 17.20 on Thursday, and money rotated into energy, consumer staples, health care and utilities.

What to watch

Investors will watch whether Binance resumes withdrawals by Sunday as promised and how much of the stolen funds is ultimately frozen or recovered. Bitcoin's path from its six-week low remains the key backdrop for miners such as IREN.

Next week brings the Nov. 3 midterm elections, the ISM purchasing managers' surveys and the October jobs report on Friday, Nov. 6, all of which could shape expectations for a December Fed move.