Puerto Rican Crypto Whale Sues Coinbase Over Frozen Funds

2026-05-06 09:26

A Puerto Rican cryptocurrency investor has filed a lawsuit against Coinbase in a San Francisco federal court, alleging the exchange's refusal to release funds stolen in a 2024 phishing attack. The incident involved the "Inferno Drainer" group, which stole over $55 million in Ethereum-based stablecoin DAI in August 2024. The plaintiff claims that a blockchain investigation firm traced the stolen funds to a Coinbase account, and Coinbase confirmed in December 2024 that the funds were identified and frozen. However, the plaintiff accuses Coinbase of withholding the funds for over a year and a half, citing the need for a court order. Coinbase has yet to respond to the lawsuit.

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