BlockTower founder alleges Coinbase covered up over $1 billion in hack losses

Odaily report: Ari Paul, founder of BlockTower Capital, posted on X platform stating that Coinbase once covered up hundreds of millions of dollars in hack losses and did not return customer funds. Paul claimed that Coinbase "lost" approximately $25 million of BlockTower's funds several years ago; subsequent investigations showed that at least 12 companies were affected, with total concealed losses exceeding $1 billion. Multiple legal cases are currently ongoing, so further details cannot be disclosed.