Ari Paul, founder of crypto investment firm BlockTower Capital, accused Coinbase of losing $25 million of his company's funds and covering up over $1 billion worth of "massive and repeated hacks." Paul claims that at least a dozen firms are affected by the alleged cover-up and that Coinbase "still wouldn’t return our money." He stated these allegations are all he can say for now due to "multiple legal processes still ongoing." This comes as Coinbase was previously sued in May over a separate $55 million draining hack in August 2024.