Ari Paul, founder and chief investment officer of crypto asset management firm BlockTower Capital, said in a post on X that Coinbase had "lost" $25 million belonging to his firm several years ago. He said the matter was later found to be part of an effort to conceal large-scale and repeated hacking incidents, and that the funds have still not been returned.
Paul also said his team has traced at least more than a dozen other affected institutions. According to his statement, the amount concealed exceeds $1 billion. He added that he can only disclose this much for now because multiple legal proceedings are still underway.
The remarks were cited by ChainCatcher in a 7x24 news update. No further details were provided in the source text beyond Paul’s public statement on X.
Crypto asset management firm BlockTower Capital founder and chief investment officer Ari Paul said in a post on X that Coinbase had "lost" $25 million belonging to his firm several years ago.
Paul said it was later discovered that the company had actually been covering up large-scale and repeated hacking incidents, and that the related funds have still not been returned.
He also said his team has tracked at least more than a dozen other affected institutions, with the concealed amount exceeding $1 billion. Paul added that this is all he can disclose at the moment because multiple legal proceedings are still ongoing.
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