Crypto whale sues Coinbase over failure to return stolen funds

An anonymous cryptocurrency whale investor has filed a lawsuit against Coinbase, alleging the platform failed to return funds stolen in a hack. While key details of the suit have not been disclosed, Decrypt reported that it appears to be related to a $55 million DAI phishing attack that occurred in August 2024. The investor claims to have hired multiple firms to trace the crypto's whereabouts after the hack and discovered the stolen funds in a Coinbase account. According to the investor, Coinbase stated in early December 2024 that it would freeze the funds pending the results of an investigation, but a year and a half has passed and the assets have not been returned.