This accusation is pretty serious. The founder of hedge fund BlockTower publicly posted that his company lost $25 million a few years ago on the cryptocurrency exchange Coinbase. Later, it was discovered that Coinbase had covered up multiple large-scale hacking incidents without disclosing them, involving at least 12 institutions and totaling over $1 billion in losses. Due to ongoing legal proceedings, further details cannot be shared at this time. I looked into it, and while there are indeed quite a few publicly available lawsuit documents regarding accusations of lost funds at Coinbase, there doesn’t seem to be anything directly related to BlockTower yet. One of the bigger cases was the 2025 Coinbase data breach. At the time, a group specifically targeted Coinbase’s overseas customer service outsourcing employees. These customer service reps already had access to customer data, so some of them were bribed to take photos of the screen with their phones and secretly sell user information. Eventually, scammers used this real user data to call and message customers, pretending to be Coinbase support, and managed to swindle quite a bit of money from users.