BlockTower founder: Coinbase covered up more than $1 billion in hacking losses

PANews reported on September 29 that Ari Paul, the founder of BlockTower Capital, posted on the X platform that Coinbase covered up hundreds of millions of dollars in past hacker attack losses and did not return customer funds. Paul said that Coinbase "lost" about $25 million in BlockTower funds a few years ago, but subsequent investigations led him to believe that this was intended to cover up repeated large-scale hacking incidents. Paul also said that tracking found that at least 12 companies were affected, and the total concealed losses exceeded $1 billion. He said there are currently multiple legal cases ongoing and no further details could be disclosed.