BlockBeats News, May 6th - An anonymous crypto whale this month sued Coinbase in a San Francisco federal court, accusing the exchange of refusing to return its funds stolen in 2024. The victim, hailing from Puerto Rico, reportedly lost over $55 million worth of DAI stablecoin in a phishing attack in August 2024. At that time, the hacker stole wallet control by spoofing a DeFi Saver login page, swiftly transferred the funds, and laundered them through a mixing service. The victim then hired multiple on-chain investigation firms to trace the funds, eventually discovering that some of the stolen assets flowed into a Coinbase account. While the exchange froze the related funds in December 2024, it has still refused to return them a year and a half later, claiming that only a court order can unfreeze the funds.

The lawsuit emphasizes that Coinbase's initial freezing of the funds was reasonable, but it was unreasonable to reject returning them after the victim provided sworn ownership proof. Coinbase has not publicly responded to this issue.