BlockTower Capital Founder Alleges Coinbase Covered Up $25 Million Loss

Ari Paul, founder of BlockTower Capital, claims that Coinbase lost $25 million of his firm's funds and allegedly covered up a series of hacks affecting multiple companies. Paul stated that his investigation suggests over $1 billion in losses were concealed, noting that legal proceedings are ongoing. Coinbase responded on X, requesting to investigate the matter directly. This follows a separate incident where a user accused the exchange of stealing $1.2 million, though Coinbase product head Jordan Fish (Cobie) suggested that claim might be engagement bait. Additionally, Coinbase previously disclosed a security breach in May 2025 that compromised data for at least 69,400 users after attackers bribed support staff.