*Revising the thought-process here since Coinbase only keeps 1% of customer funds in hot wallets, the rest in cold storage. Not to mention the exposed 1% is fully-insured. Coinbase is an impressive organization thus far. Read more.

However, the underlying thesis of exchange breaches proliferating and resulting in larger losses remains intact. Coinbase serves as the industry proxy, yet, I no longer think they will be the weak link. Time will tell!