Coinbase Faces Lawsuit Over Frozen DAI Linked to $55M Theft
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Coinbase is facing a lawsuit from an anonymous investor (“D.B.”) over frozen DAI tied to an August 2024 phishing theft that drained about $55M in DAI, alleging the exchange improperly withheld access to frozen assets. Blockchain investigator Zero Shadow traced portion of the stolen DAI to a Coinbase retail user account, raising CEX custody and security concerns for the stablecoin ecosystem. The legal dispute coincides with Coinbase layoffs and AI restructuring, increasing operational and regulatory risk and potential impact on user trust and broader crypto/CEX adoption.
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- Coinbase faces a lawsuit over frozen DAI linked to a $55 million phishing theft in 2024.
- Zero Shadow traced part of the stolen DAI funds to a Coinbase retail user account.
- Coinbase layoffs and AI restructuring surfaced alongside the ongoing legal dispute.
Crypto exchange Coinbase is facing a lawsuit from an anonymous crypto investor who claims the company improperly withheld access to frozen digital assets connected to a major 2024 theft involving the stablecoin DAI.
The plaintiff, identified in court documents only as “D.B.,” filed the complaint Monday against Coinbase and an unnamed defendant referred to as “John Doe,” who is alleged to be responsible for the theft.
The filing centers on an August 2024 phishing attack that reportedly resulted in the loss of approximately $55 million worth of DAI. According to the complaint, the investor accessed a fra…
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