On Friday, cryptocurrency-related stocks weakened, with Strategy (MSTR.US) dropping more than 6%, Coinbase Global, Inc. (COIN.US) plunging over 12%, and Circle Internet Corp. (CRCL.US) falling 8% as of press time.

On the news front, the world's largest cryptocurrency exchange Binance suffered what appears to be the largest crypto hack in history on Thursday, with stolen amounts estimated between $1.7 billion and $5.7 billion, an event that shook the entire crypto market.

In the cryptocurrency market, Bitcoin tumbled more than 4%, falling below $80,000 to $77,815, while Ethereum also dropped over 4% to $2,246. According to media reports, the massive fund movement triggered heightened market vigilance.

Binance's founder confirmed in a post on social platform X that "it does look like a hack targeting Binance," while emphasizing that user funds were safe. Stablecoin issuers Tether and Circle immediately took emergency action, jointly freezing over $1.5 billion in assets related to the incident to limit the spread of potential losses. Binance latest announced that, after verification, the total frozen funds amounted to approximately $3 billion.