BlockTower Founder Alleges Coinbase Concealed $1B Hacking Campaign
Ari Paul said BlockTower lost $25 million years ago and identified at least 10 other affected institutions. He cited ongoing legal proceedings.
BlockTower Capital founder and Chief Investment Officer Ari Paul alleged that Coinbase concealed a recurring hacking campaign affecting more than $1 billion across institutions, including his firm.
Paul said BlockTower lost $25 million to Coinbase years ago. He alleged the loss was later linked to a broader series of hacking incidents and said the funds have not been returned.
Paul said his team has identified at least 10 other institutions affected by the alleged campaign. He said the total amount involved exceeds $1 billion.
Paul said he disclosed the information because multiple legal proceedings remain ongoing. His allegations center on Coinbase’s handling of the incidents and the funds involved.
