- AlphaPacked — Daily Crypto Newsletter
- Posts
- Coinbase Faces Lawsuit; Solana Co-Founder Data Leaks
Coinbase Faces Lawsuit; Solana Co-Founder Data Leaks
Alpha Team
May 27, 2025
Coinbase Lawsuit Follows Data Breach
Class Action Lawsuit Filed: On May 22, 2025, Brady Nessler filed a class action lawsuit against Coinbase in a Pennsylvania federal court. It claims Coinbase delayed disclosing a December 2024 data breach, causing shareholder losses, and violated a 2020 FCA agreement via its UK subsidiary. The lawsuit seeks damages for investors from April 2021 to May 2025, with Coinbase facing $180M to $400M in remediation costs.
Details of Breach and Lawsuit: The breach involved cybercriminals bribing Coinbase’s overseas support agents to steal user data, affecting less than 1% of monthly transacting users. No passwords or funds were taken, but Coinbase’s stock dropped 7.2% to $244 on May 15, 2025, after disclosure. This incident raised concerns about data security, especially after another high-profile leak involving Solana’s co-founder.
Solana Co-Founder Data Leak: On May 27, 2025, Solana co-founder Raj Gokal's personal data, including IDs and passports, was leaked on Migos' hacked Instagram account with 13M followers. Many linked this to the Coinbase breach, but ZachXBT claimed it was likely a personal cloud breach, stating, "People accidentally back up KYC photos to the cloud all of the time," and dismissed the Coinbase connection as "recency bias," noting the Coinbase incident involved data exports, not cloud backups. Read More.
️ On today's Top Picks:
- 🪪 Solana $SOL Co-Founder Raj Gokal’s information leaks.
- 🔵 Circle $USDC denies talks regarding potential sale.
- 🪂 Resolv to launch $RESOLV airdrop claim on May 27th.
- 💰 Strategy $MSTR buys 4,020 Bitcoin $BTC for ~$427.1M.
Read time: ⏰ 3 minutes
Crypto News
• ⭐️ Coinbase $COIN sued over losses following data breach disclosure; Coinbase shares fell ~7% on May 15th after it disclosed it had suffered a data breach in December.
• ⭐️ Circle $USDC denies it is in talks with Coinbase $COIN or Ripple $XRP regarding potential sale; says "Circle is not for sale. Our long-term goals remain unchanged”.
• Hyperliquid $HYPE reaches new all-time highs; $10.1B in open interest, $5.6M in 24h fees; and $3.5B in USDC TVL.
• Digital Asset Investment Products saw $3.3B of inflows last week; Bitcoin $BTC $2.9B of inflows, Ethereum $ETH $326M of inflows, Solana $SOL $4.3B of inflows, Ripple $XRP $37.2B of outflows.
Alpha
• Weekly Airdrop Recap by Earndrop.
• Symbiotic posts "[redacted] on [redacted] ... coming soon" on X; to launch something soon.
• gaut, Universal Co-Founder, posts "something is coming ... Universal" on X; to launch something soon.
• ICYMI Weekly Airdrop Recap (May 16th) by Earndrop.
Airdrops
• Movement launches $MOVE MoveDrop; to award up to 250M MOVE in incentives via Movement DeFi Spring.
• Huma launches $HUMA airdrop claim; claim ends on June 26th.
• ⭐️ Resolv to launch $RESOLV airdrop claim on May 27th; users who missed the airdrop registration window can still complete registration via Resolv Discord until June 9th.
• Lagrange to launch $LA airdrop registration on May 28th; registration ends on June 2nd.
Finance News
• US President Trump delays 50% tariffs on the EU until July 9th; the EU says it's ready to advance trade talks with the US swiftly.
• ⭐️ Strategy $MSTR buys an additional 4,020 Bitcoin $BTC for ~$427.1M at ~$106,237 per BTC; now holds 580,250 BTC worth ~$63B.
• Trump Media & Technology Group $DJT denies report claiming it plans to raise $3B to buy Bitcoin $BTC; recently partnered with Crypto[.]com to offer ETFs.
• Key Events This Week by The Kobeissi Letter.
Security and Exploits
• ⭐️ Solana $SOL Co-Founder Raj Gokal’s information leaks on hacked Instagram account; leaker potentially attempted to blackmail Gokal for 40 $BTC.
• Sui $SUI commits an additional $10M on security initiatives following ~$223M Cetus hack.
Token Unlocks
• Kamino $KMNO / ~$15M / MAY 30th
• Optimism $OP / ~$23M / MAY 31st
Sourced from Tokenomist
Funding
• Mirage raises $1.6M in funding from several investors.
• Avalon Labs $AVL raises an undisclosed amount in Strategic funding led by YZi Labs.
• Hyperion raises an undisclosed amount in funding from Maelstrom.
The Degen Farmer
Top stablecoin yield farms of the day, more than $3,000,000 in TVL. DYOR and step up your farming game!
| PROTOCOL | ASSETS | APY |
|---|---|---|
 Synthetix V3 (Base) | USDC | 39.98% |
 FlowX V3 (Sui) | SBUSDTUSDC | 35.77% |
 Indigo (Cardano) | IUSD | 33.52% |
 SmarDex (Ethereum) | USDN | 26.35% |
 Turbos (Sui) | USDTUSDC | 26.23% |
 Curve DEX (Ethereum) | IDAIIUSDCIUSDT | 23.92% |
 Pendle (Ethereum) | USDC(RLP) | 20.86% |
 Spectra V2 (Ethereum) | CUSDO | 20.85% |
⛺️ Camp: Autonomous IP Layer 1 Blockchain. |  |
⛺️ What is Camp: Camp is a Layer-1 blockchain for IP and AI. Its Proof of Provenance Protocol lets creators tokenize IP—music, code, or data—with verifiable ownership and royalties. Users can deploy AI agents to create and monetize IP in a trustless system. With gasless registration and $30M from 1kx, Blockchain Capital, and others, Camp empowers creators to own their work.
⁉️ Why Does Camp Exist: AI models often scrape content without crediting creators, eroding ownership. Camp fixes this with on-chain IP protection. Its Origin Framework registers IP with programmable licensing, and mAItrix powers AI agents trained on user-owned IP. With 250+ teams building on Camp, it ensures creators control and monetize their work in an AI-driven world.
⚡ Camp Testnet & TrailHeads: Camp’s testnet invites you to explore its ecosystem through Ecosystem Quests. Connect your wallet to the Ecosystem Hub to earn Acorns and Matchsticks by trying partner dApps, joining Discords, or playing games. Over 100k daily users are discovering Camp’s 250+ projects. The TrailHeads PFP collection is coming soon, with “Campion” role holders eligible for whitelist spots through community events. Check Discord for updates and quest details.
That’s it for today’s edition! See you soon.
Reply