Coinbase Hack Rocks Company That Led Crypto Into Mainstream (2)

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 $400 million the company expects it will cost: This time, the victim was arguably the most influential US company in the industry.

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 ...