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BTC Bitget was hacked and caused market turmoil. The founder of BlockTower accused Coinbase of concealing more than a billion dollars in losses.
With the frequent occurrence of hacking incidents in the cryptocurrency market, the recent news that Bitget was hacked has once again triggered violent fluctuations in the market. The attack reportedly caused more than $350 million in losses. However, various explanations for the Bitget incident emerge endlessly.
Billion-dollar concealment charges involving Coinbase
In this context, Ari Paul, founder of cryptocurrency investment firm BlockTower Capital, issued a high-profile statement. He claimed that Coinbase concealed more than $1 billion in losses due to hacking attacks.
Ari Paul posted a post on X Platform (formerly Twitter) stating that Coinbase has long concealed losses related to multiple cyber attacks and failed to return customer funds. The well-known person revealed that about $25 million in BlockTower's funds were lost on the Coinbase platform a few years ago, and subsequent investigations concluded that the incident was aimed at covering up repeated large-scale cyber attacks.
Paul added that surveillance efforts have identified at least 12 affected companies, and the total amount of losses concealed exceeds US$1 billion. He also said he could not provide more details because there were multiple legal proceedings currently underway.
Coinbase responded by saying that they had contacted through private messages to investigate the matter, but the platform had not made a further public statement.
The content of this article is for reference only and does not constitute investment advice.
