Coinbase is the firm that led the digital-asset industry’s march into the mainstream financial system as the first publicly traded crypto exchange. It’s the company that safeguards the lion’s share of the US$122 billion worth of tokens owned by spot-Bitcoin exchange-traded funds. And it’s the firm that did much of the heavy lifting when it came to the industry’s campaign spending spree to send a platoon of pro-crypto lawmakers to Washington this year.
On the long list of crypto companies that have been hacked, there are plenty of examples of financial losses that are much more painful than what Coinbase Global Inc. appears to be facing from the attack it disclosed on Thursday.
Yet this one stands out for significance far beyond the US$400 million the company expects it will cost: This time, the victim was arguably the most influential US company in the industry.
