Weekly Recap: Coinbase Suffers Data Breach Amid SEC Probe

Happy weekend Defiers!

Crypto markets were relatively calm this week, consolidating after the previous week’s massive rally. BTC is down 0.7% on the week, while ETH gained 3%. The overall crypto market capitalization hovers around $3.4 trillion.

With the Solana memecoin sector heating up again, token launchpads are battling for market share. Leader PumpFun started sharing 50% of PumpSwap trading fees with token creators on May 12, likely in response to the newfound momentum garnered by Believe, a competing launchpad.

CryptoPunks are changing hands again, with Yuga Labs selling the IP to The Infinite Node Foundation, formed in 2025 by Micky Malka, the founder of Ribbit Capital, and Becky Kleiner.

Plus, Ethereum unveils a ‘Trillion Dollar Security’ initiative.

Correction: Yesterday’s newsletter incorrectly stated PumpFun’s revenue share percentage and has been updated on the website to reflect the correct figure.

Enjoy!

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Coinbase Data Breach Reignites Debate Over Crypto Security Models

It was a rollercoaster week for Coinbase, starting on a high note as news broke that the leading U.S. crypto exchange would be added to the S&P 500 index. However, on May 14, the company disclosed a significant data breach involving user data, and on Thursday, it confirmed that the SEC is looking into its user numbers.

Undeterred, COIN stock is up 27% on the week.

PumpFun Kicks Off Revenue Sharing

Leading Solana-based memecoin launchpad PumpFun has launched creator revenue sharing, entitling coin creators to 50% of the PumpSwap revenue generated by their tokens.

Communities that revive memecoins abandoned by their creators will soon be able to accrue the developer’s share of trading fees.

Believe App Token Soars 900% After Generating $6.3 Million in Daily Revenue

Believe.app, a Solana-based token launchpad originally launched as Clout.me back in January, generated a whopping $6.3 million in daily fees on May 13, with its native LAUNCHCOIN token soaring 880%.

Yuga Labs Sells CryptoPunks IP to Infinite Node Foundation

CryptoPunks, the iconic NFT profile picture collection, is being sold to The Infinite Node Foundation. Larva Labs, the company that created CryptoPunks in 2017, is set to serve on the foundation’s board.

The Infinite Node Foundation was formed in 2025 by Micky Malka, the founder of Ribbit Capital, and Becky Kleiner. It received a $25 million founding grant in April to “build a new cultural institution for digital art.”

Ethereum Unveils Trillion Dollar Security Initiative to ‘Bring the World Onchain’

The Ethereum Foundation has announced the Trillion Dollar Security initiative, an ecosystem-wide push to upgrade Ethereum’s security.

The number comes from the goal of having billions of people comfortable enough with Ethereum’s security to store $1,000 onchain. It also seeks to make companies, institutions and governments comfortable storing more than $1 trillion inside a single smart contract or application.

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