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

CoinFeed reported on May 6th that, according to Decrypt, an anonymous crypto whale residing in Puerto Rico 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 routed 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 that a court order is required for release.