A whale that lost $55 million in 2024 sued Coinbase, accusing it of refusing to return stolen funds.

According to Mars Finance, a Puerto Rican anonymous crypto whale has sued Coinbase, accusing the exchange of refusing to return funds stolen in a 2024 hack. The lawsuit bears striking similarities to a security breach in August 2024, when a crypto user lost over $55 million in DAI stablecoins after a phishing attack. The plaintiff claims that after the attack, he hired several on-chain investigation firms to trace the stolen funds, which were ultimately linked to a Coinbase account. Coinbase confirmed in early December 2024 that it had locked the funds but froze them pending investigation. However, a year and a half later, Coinbase has still not returned the funds, claiming a court order is required for release. The attack was initially identified by on-chain detective ZachXBT, who found that hackers used the "Inferno Drainer" platform to create a fake DeFi Saver login page, leading the victim to mistakenly hand over control of their wallet to the attackers.