BlockTower Founder Accuses Coinbase of Covering Up Billion-Dollar Hacks

Ari Paul, founder of BlockTower, has made some explosive allegations against Coinbase. In an X post on September 29, 2026, Paul claimed that his company lost $25 million to the crypto exchange due to a pattern of large-scale hacks that Coinbase allegedly covered up.

Paul's statement suggests that this was not an isolated incident, as he claims to have found at least a dozen other companies with similar losses, totaling over $1 billion. However, he has chosen not to release more details or evidence, citing ongoing lawsuits.

This controversy comes amidst another recent security issue involving Coinbase - a 2025 data breach where customer information was stolen by bribing support staff stationed outside the US.