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An Ethereum whale is suing Coinbase for not returning $55 million stolen funds

2026.05.06 09:36:38

A crypto whale filed a lawsuit against Coinbase in San Francisco federal court this month, accusing the exchange of refusing to return funds stolen in 2024. The anonymous victim, based in Puerto Rico, lost over $55 million worth of DAI stablecoin in an August 2024 phishing attack. At the time, the hacker gained control of the victim’s wallet by mimicking a DeFi Saver login page, quickly transferred the funds, and laundered them via a coin mixer. The victim hired multiple on-chain investigation firms to trace the assets, ultimately finding some of the stolen funds had flowed into a Coinbase account. While Coinbase froze the related funds in December 2024, it has since refused to return them—claiming only a court order can unlock the assets. The lawsuit notes Coinbase’s initial freeze was justified but argues withholding the funds after the victim provided sworn proof of ownership was unreasonable. Coinbase has not yet publicly responded to the allegations.
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