Headline: Puerto Rico “Whale” Sues Coinbase, Says Exchange Refuses to Return $55M+ DAI Linked to 2024 Phishing Hack
An anonymous crypto “whale” living in Puerto Rico has filed suit against Coinbase, alleging the exchange is holding locked funds that were stolen from the user in a high-profile 2024 hack. Though portions of the court filing are redacted, the facts laid out in the complaint closely mirror an August 2024 exploit in which a single Ethereum stablecoin (DAI) holder lost more than $55 million after falling for a phishing scam.
What the lawsuit says
- The complaint, filed Monday in federal court in San Francisco, states the victim hired several on-chain investigation firms to trace the stolen DAI.
- Those investigators allegedly tracked the trail to a Coinbase account. By early December 2024, Coinbase reportedly confirmed it had identified the funds and said the assets would be frozen while it investigated.
- According to the plaintiff, roughly 18 months later the funds have not been returned. The suit claims Coinbase told the whale it would not release the money unless ordered to do so by a court.
Background on the hack
Blockchain sleuth ZachXBT first flagged the August 2024 incident. Attackers used a tool called “Inferno Drainer” to generate a counterfeit login page for DeFi Saver, a DeFi-management app used by the victim. Believing they were signing into DeFi Saver, the victim instead surrendered wallet access to the hackers, who immediately moved the DAI to other addresses and laundered it through coin-mixing services. The plaintiff in the Coinbase suit says they missed the subtle phishing cue—the malicious login URL used “.app” instead of the legitimate “DefiSaver.com.”
Why this matters
If the allegations are accurate, the case could test how custodial exchanges handle large sums tied to on-chain thefts and what legal burdens are required to compel a return. The suit also highlights continued risks from sophisticated phishing and drain tools that can bypass user vigilance and move large volumes of stablecoin in seconds.
Coinbase did not immediately respond to Decrypt’s request for comment. The court filing and any subsequent hearings will be watched closely by victims, exchanges, and the broader crypto compliance community.
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