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Whale loses $55 million in 2024, sues Coinbase for holding stolen funds
A crypto whale in Puerto Rico has sued Coinbase, accusing the exchange of not returning stolen funds from the 2024 hack.
The lawsuit states that the stolen money was taken after a phishing attack and then traced by on-chain investigation firms, before following the trail to a Coinbase account. Coinbase confirmed that it froze the funds in December 2024 but still maintains the freeze status.
The plaintiff says the funds have not been returned despite approximately 1.5 years passing. Coinbase argues that a court order is needed to disburse the funds.
The case was initially discovered by ZachXBT. According to the description, the attacker used the Inferno Drainer platform to set up a fake DeFi Saver login page, causing victims to inadvertently grant control of their wallets to the attacker group.
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