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Puerto Rico-Based Crypto Whale Sues Coinbase Over Funds Frozen After 2024 Hack

A Puerto Rico-based crypto whale alleges Coinbase froze DAI tied to a 2024 phishing theft exceeding $55 million but did not return the assets, saying a court order is required.

DAI

Fact Check
All key elements of the claim are directly confirmed by the primary court record at CourtListener (case B. v. Coinbase Global, Inc., 3:26-cv-04050, N.D. Cal.), which is the authoritative primary source. The plaintiff D.B. is confirmed as a Puerto Rico resident; the theft involved DAI stablecoins exceeding $55 million via a 2024 Inferno Drainer phishing attack; Coinbase froze the traced funds but explicitly requires a court order before releasing them. The Block, crypto.news, and Protos all independently corroborate these facts. The only minor nuance is that the claim describes the plaintiff as a 'crypto whale' and references a '2024 hack' - the court record confirms the theft occurred August 20, 2024 and the scale (~$55M in DAI) is consistent with the 'whale' characterization. No conflicting evidence was found.
Summary

A Puerto Rico-based crypto whale has sued Coinbase over DAI allegedly stolen in a 2024 phishing attack linked to more than $55 million in losses. According to the complaint, the stolen assets were traced to a Coinbase account, and Coinbase confirmed in early December 2024 that it had frozen them pending investigation. The plaintiff alleges Coinbase has not returned the funds, while the complaint says the exchange requires a court order before releasing them. Earlier reporting tied the theft to Inferno Drainer and a fake DeFi Saver login page identified by blockchain investigator ZachXBT. The case highlights disputes over what a centralized exchange can or must do when allegedly stolen crypto reaches platform-controlled accounts.

Terms & Concepts
  • DAI: A decentralized stablecoin designed to maintain a value close to one U.S. dollar, commonly used in crypto trading and decentralized finance.
  • Phishing attack: A fraud method that uses fake websites or messages to trick users into revealing credentials, wallet access, or transaction approvals.
  • Crypto whale: A market participant that holds an unusually large amount of cryptocurrency, often enough to influence liquidity or trading activity.