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

Ari Paul, founder and CIO of BlockTower Capital, alleged on X that Coinbase previously concealed large-scale, recurring hacks. Paul claims that Coinbase lost $25 million of his firm's funds years ago and failed to return them, later discovering the incident was part of a broader cover-up. Paul stated that his team has identified over a dozen other affected institutions, with the total concealed amount exceeding $1 billion. He noted that further details are currently restricted due to ongoing legal proceedings.