BlockTower Founder Alleges Coinbase Covered Up Over $1 Billion in Hacks

Ari Paul, founder of BlockTower Capital, claimed on X that Coinbase concealed significant losses from recurring large-scale hacks. Paul alleged that Coinbase lost approximately $25 million of BlockTower's funds years ago and suggested this was part of a broader effort to hide security breaches affecting at least 12 companies, with total losses exceeding $1 billion. He noted that legal proceedings are currently underway, limiting further disclosure.