BlockTower Founder Accuses Coinbase of Concealing Over $1 Billion in Hacking Attack Losses

TechFlow reports, on September 29, Ari Paul, founder and chief investment officer of crypto hedge fund BlockTower Capital, posted on social media stating that Coinbase caused his firm to lose $25 million in funds several years ago. Paul accused Coinbase of concealing large-scale, recurring security breaches and refusing to return the related funds.

Additionally, investigations have revealed that at least a dozen other institutions were similarly affected, with the concealed amounts involved exceeding $1 billion. As multiple legal proceedings are currently ongoing, specific details regarding the matter have not yet been further disclosed.

Coinbase official accounts responded via a comment on their social media platform, stating that they have sent him a private message to conduct further verification and communication, and will continue to follow up accordingly.