Ari Paul, founder and Chief Investment Officer of BlockTower Capital, publicly accused Coinbase of losing approximately $25 million of his firm's funds. The allegations, shared on social media on September 28, suggest that the exchange concealed the incident.
Paul claims these losses are part of a wider pattern of security breaches impacting more than a dozen financial institutions. According to his estimates, the total amount of undisclosed losses across these entities exceeds $1 billion.
The executive stated that he cannot provide further details due to ongoing legal proceedings related to the matter. As of September 29, there has been no independent verification or third-party evidence to support the claims regarding the timeline or scope.
Coinbase has not issued a public statement or official comment regarding the accusations. The company's customer support account reached out to Paul via direct message following his post, but no formal denial or press release has been published.
