Let’s dive into The CryptoTimes’ Weekly Wrap

This week in crypto: Bitcoin hits $105K, Coinbase faces a $180M cyberattack, SEC-Ripple settlement stalls, and Trump’s crypto ventures spark conflict-of-interest concerns.

Let's get straight into the heart of the crypto industry with The CryptoTimes' Weekly Wrap, delivering top stories that defined the past week.

Top Stories This Week

1. Analyst Predicts Bitcoin Could Hit $250K

Crypto analyst Scott Melker, the host of The Wolf of All Streets podcast, has predicted that Bitcoin could hit $250,000 by the end of 2025. In an interview with Melker, the analyst stated that this staggering Bitcoin run could be driven by macro tailwinds like U.S. inflation cooling to 2.3% (below the expected 2.4%) and private credit expansion.

However, despite Bitcoin's rally past $105K on Monday reflecting strong accumulation and leading to market sentiment turning bullish, U.S. PPI data and debt ceiling talks could severely impact market liquidity.

2. Coinbase Faces $180M-$400M Cyber Attack Fallout

Coinbase, a leading cryptocurrency exchange, has disclosed a major cyberattack where hackers bribed overseas support agents to access customer data. The breach—potentially costing $180M to $140M—affected a small user subset, exposing their names, addresses, and emails.

However, it did not reveal any credentials which could have worsened the situation. The exchange has currently offered a $20M reward for attacker information.

Ahead of Coinbase's S&P 500 inclusion, this breach has raised serious security concerns, which could dent investor trust in centralized crypto platforms.

3. SEC-Ripple Settlement Stalls as Judge Rejects Motion

On Monday, May 15, the U.S. District Judge Analisa Torres denied a joint SEC-Ripple motion for an indicative ruling to dissolve an August 2024 injunction. The motion also included reducing Ripple's $125 million penalty to $50 million, citing procedural errors.

The decision has ultimately stalled an escrow release of $75 million in XRP, with its price dropping over 12% from the weekly high.

While the move doesn't necessarily imply any legal wins for Ripple—especially considering the judge's emphasis on the SEC's actions and potential appeal, it has left the Ripple community speechless amid ongoing market uncertainty and 11 pending XRP ETF applications.

4. Trump's Crypto Ventures Spark Conflict-of-Interest Concerns

The Trump-family backed DeFi project, World Liberty Financial (WLFI), has faced scrutiny from Senator Richard Blumenthal over potential conflicts. After the Trump family announced their involvement in the project, which aims to provide financial services to the unbanked, Blumenthal raised concerns about whether the family members would use their political influence to benefit the venture.

This inquiry follows a report by The New York Times highlighting the Trumps' participation in WLFI, which has been linked to a pyramid scheme and is now seeking to raise $1 billion through an initial coin offering (ICO).

Besides this, Donald Trump's TRUMP memecoin dinner plan for top holders has raised pay-to-play concerns. Moreover, Trump's Tether ties are also buzzing the market.

5. Binance Alpha Dominates Swap Market in Centralization Move

Binance Wallet's swap market share soared to staggering 93% from 3.4% in January, largely fueled by its Binance Alpha token launchpad. This has raised the argument that its 0.05% developer fee enables rug pulls while undermining decentralized exchange principles.

In addition, Binance's edge over OKX and MetaMask fuels centralization fears, as community-driven airdrops lose ground to centralized platforms.

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