Ari Paul, founder of BlockTower Capital, alleged that $25 million in company funds previously held at Coinbase disappeared after the exchange initially said the money had been lost. Paul said BlockTower's own investigation raised suspicions of repeated large-scale hacks and possible concealment by Coinbase. He said he identified at least 10 similar cases involving other firms, with combined losses exceeding $1 billion. Coinbase Support previously said it had contacted Paul to investigate, while Coinbase has not publicly confirmed an institutional shortfall, undisclosed hacks or other events matching his claims. The allegations remain unverified amid legal processes Paul has referenced.