A certain whale that lost $55 million in 2024 is suing Coinbase, accusing it of refusing to return stolen funds

By: rootdata|2026/05/06 09:47:35

According to market news, an anonymous crypto whale residing in Puerto Rico has sued Coinbase, accusing the exchange of refusing to return funds stolen in a 2024 hacking incident.

The lawsuit is highly similar to a security breach in August 2024, when a crypto user lost over $55 million in DAI stablecoins after falling victim to a phishing attack. The plaintiff claims to have hired several on-chain investigation firms to trace the stolen funds, which were tracked to a Coinbase account. Coinbase confirmed in early December 2024 that it had locked the relevant funds but froze them pending investigation. However, a year and a half later, Coinbase has still not returned the funds, claiming that a court order is needed to release them.

The attack was initially identified by on-chain detective ZachXBT, who reported that the hacker created a fake DeFi Saver login page using the "Inferno Drainer" platform, leading the victim to mistakenly hand over control of their wallet to the attacker.

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