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Coinbase sued. Solana pumps. Dubai chooses XRP.

PLUS: Strategy adds 4,020 BTC in a $427M buy-up • Metaplanet becomes Japan’s Bitcoin proxy stock • Bitcoin whale exits $1.2B long with $13M loss in volatile futures shakeout

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Cryptopolitan News
May 26, 2025 • Estimated Reading Time: 9 minutes

📬 Today’s Byte

• Coinbase just got hit with a major class action lawsuit

• Dubai turns to XRP Ledger for tokenizing real estate, over 3,000 investors already on board

• Is memecoin mania back? Pump.fun says yes and Solana’s cashing in

• Weekly Crypto Round-up

⚖️ Coinbase just got hit with a major class action lawsuit

Coinbase and its top executives, including CEO Brian Armstrong and CFO Alesia Haas, are being sued for allegedly hiding a serious data breach and regulatory violations in the UK.

The case was filed on May 22 and covers anyone who bought Coinbase stock between April 2021 and May 2025. The lead plaintiff, Brady Nessler, says the company kept investors in the dark and it cost them.

Here’s what’s being alleged:

  • Coinbase delayed disclosing a major insider-led data breach, which was only revealed in mid-May.

  • When the news broke, the stock dropped by over 5% in a day, that’s a $13.52 hit per share.

  • Coinbase’s UK subsidiary, CB Payments Ltd., allegedly violated a 2020 deal with the UK’s financial watchdog (FCA) by allowing 13,000+ high-risk customers onto the platform.

  • Investors say none of this was mentioned in Coinbase’s filings — even though the risks were huge.

The lawsuit also points to Coinbase’s unusual “remote-first” structure — no fixed HQ, virtual board meetings and claims this lack of traditional oversight played a role in the poor disclosures.

And here's the kicker:

While Coinbase was telling shareholders it was expanding globally and doubling down on compliance… this mess was already brewing.

So far, Coinbase hasn’t responded to the lawsuit. But with a jury trial being requested, this could turn into a much bigger reckoning, not just for Coinbase, but for how publicly traded crypto companies are expected to behave.

🌍 Around the Globe

Dubai is taking a real shot at the future of real estate — and it’s starting with a blockchain most didn’t expect.

In its first major pilot for real estate tokenization, the Dubai Land Department has chosen Ripple’s XRP Ledger to represent ownership of government-owned properties on-chain. The pilot quietly launched in March, and according to DLD advisor Mahmoud AlBurai, over 3,000 investors have already signed up to participate.

Here’s how it works:

Instead of buying full properties, approved investors (UAE residents for now) will be able to purchase fractions of tokenized ownership. These tokens represent real property deeds, fully backed by the government.

A few key players are involved — blockchain firms Prypco Mint and Ctrl Alt are running the tech stack, while Dubai Future Foundation, the Central Bank of the UAE, and VARA are all backing the initiative.

The long-term goal? Turn Dubai into a $16 billion market for tokenized real estate by 2033.

Why XRP Ledger? It’s a notable pick. XRPL isn’t known for dominating the RWA conversation, but Ripple has been quietly positioning itself for this moment — investing in tokenized money market funds, treasury bill platforms, and now real estate.

And with scandals like Unicoin shaking faith in privately-run tokenized property projects, Dubai’s regulator-supported, public-sector-led approach could reset expectations. The pilot is small for now, but the intent is clear: real estate on-chain, done right.

As investors seek Bitcoin exposure through tax-free NISA accounts. The firm, now holding over 1,700 BTC, has surged 3,600% in 2024 and is quickly becoming Japan’s unofficial Bitcoin ETF.

📈 Market Watch

Solana’s back in the spotlight and it’s not DeFi or NFTs leading the charge. It’s memecoins. Again.

Pump.fun, the infamous token-launch playground, has reclaimed the top spot in Solana’s revenue charts, producing over $2 million in daily fees. With over 35,000 new tokens launched in a single day, it’s clear the minting frenzy hasn’t slowed down it’s evolving.

Since bottoming out in March, Solana has rebounded hard. Its apps now account for up to 68% of total revenue across all major chains, driven largely by degens spinning up memecoins and routing liquidity through platforms like Meteora, Jupiter, and Kamino.

Behind the scenes:

  • Solana still holds $11.5B in stablecoins, with $250M in fresh USDC minted just this week.

  • Kamino Finance hit all-time highs as traders deposit meme tokens to unlock stablecoin loans.

  • Pump.fun now shares some of its fees with creators and LPs via PumpSwap, giving back to the very ecosystem it once bled dry.

Most tokens minted are tiny between $1K and $10K in market cap but the sheer volume keeps fee revenue flowing. In total, over 1 million new tokens were launched on Solana in the past 30 days.

Despite the boom in activity, SOL is holding steady around $177, with open interest at an all-time high of $3.76B. And older Solana memes like BONK, WIF, and POPCAT? They’re back in play, getting deposited into lending protocols for leverage.

James Wynn’s surprise exit from a massive Hyperliquid position reflects the current market whiplash, with $182M liquidated in 24 hours and futures trading nearly 5x higher than spot volume.

🧵 Your weekly crypto round-up by @CPOfficialtx

Market-moving headlines 🔥

Federal Reserve chair Jerome Powell warned students at Princeton on Sunday to take responsibility for defending US democracy, just days after President Donald Trump’s administration blocked Harvard University from enrolling international students and started pressuring colleges over protests.

UAE-based Air Arabia airline is accepting AED stablecoin, the regulated AE Coin developed by UAE MBank Al Maryah Bank, for flight booking payments. The airline is reportedly the first in MENA to offer a stablecoin-based payment option. Users can book their flights using the AEC Wallet application developed by MBank.

American investors have poured $437 billion into ETFs so far in 2025, setting a blistering pace that shows no signs of slowing. This flood of capital has come despite some of the most chaotic market conditions since the peak of Covid-era panic.

Cryptocurrency investment products have seen $3.3 billion in weekly inflows. This has extended a six-week streak to $10.5 billion and pushed year-to-date totals to a record $10.8 billion.

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