The rumors about Base selling ETH sequencer fees were first raised by Santisa, the pseudonymous CIO of Lucidity Cap, on X (formerly Twitter) in February 2025

Quotes that support claims

Santisa, a member of Lucidity Cap, claimed that Base had been sending all its sequencer fees to Coinbase since launch. He added that while it was unclear whether Coinbase sold the funds, the fact that they were not used on Base or kept on-chain raised concerns

Santisa, the pseudonymous chief investment officer of Lucidity, first noted on X that Base has been sending its entire sequencer fees to the Coinbase exchange