We consider the binary fragmentation problem in which, at any breakup event, one of the daughter segments either survives with probability p or disappears with probability 1-p. It describes a stochastic dyadic Cantor set that evolves in time, and eventually becomes a fractal. We investigate this phenomenon, through analytical methods and Monte Carlo simulation, for a generic class of models, where segment breakup points follow a symmetric beta distribution with shape parameter α, which also determines the fragmentation rate. For a fractal dimension d_{f}, we find that the d_{f} th moment M_{d_{f}} is a conserved quantity, independent of p and α. While the scaling exponents do not depend on p, the self-similar distribution shows a weak p dependence. We use the idea of data collapse-a consequence of dynamical scaling symmetry-to demonstrate that the system exhibits self-similarity. In an attempt to connect the symmetry with the conserved quantity, we reinterpret the fragmentation equation as the continuity equation of a Euclidean quantum-mechanical system. Surprisingly, the Noether charge corresponding to dynamical scaling is trivial, while M_{d_{f}} relates to a purely mathematical symmetry: Quantum-mechanical phase rotation in Euclidean time.