The Oregon Justice Department has recently filed a Coinbase lawsuit, sparking widespread attention and criticism. In a sharp rebuke, XRP lawyer Bill Morgan slammed Oregon’s XRP complaint on Coinbase as “dystopian nonsense,” highlighting the state’s apparent disregard for previous judicial decisions on token’s status.
This article studies the details of the department’s allegations against Coinbase and the XRP lawyer’s disagreement with the department’s claims.
XRP Lawyer Criticizes Oregon’s Coinbase Lawsuit: Know More
In a recent X post, XRP attorney Bill Morgan drew attention to the inconsistencies in the latest Coinbase lawsuit filed by the Oregon Justice Department. The department, led by Attorney General Dan Rayfield, alleged that Coinbase, a top crypto exchange, breached its state financial rules by offering unregistered securities, including XRP.
Vehemently opposing Oregon’s arguments, Bill Morgan highlighted the XRP lawsuit updates since 2020. Emphasizing Judge Analisa Torres’ ruling that XRP is a non-security, the lawyer dismissed Oregon AG’s allegations as “dystopian nonsense.”
Oregon AG’s XRP Complaint Against Coinbase
In the latest development, the Oregon department filed a lawsuit against Coinbase. According to Coinbase, Oregon AG Rayfield’s lawsuit is an act of ‘resurrecting the dead.’ The same allegation of offering unregistered securities that the US SEC previously dropped against Coinbase with prejudice is now being pursued by AG Rayfield in the suit.
Why Is Coinbase Lawsuit Illogical?
Notably, XRP lawyer Bill Morgan highlights two reasons to conclude that the Coinbase lawsuit is illogical.
Firstly, Coinbase hadn’t sold XRP on its trading platform or Coinbase Prime for nearly three years since the US SEC filed a lawsuit. The exchange delisted the token in December and relisted it only after Judge Torres’ summary judgement decision. Thus, the current allegations of Oregon AG against the exchange could be deemed baseless.
Secondly, Judge Torres’s judgment explicitly stated that XRP itself is not a security. This contradicts the the justice department’s claim that XRP is a “crypto security”.
Crypto trading, often associated with substantial volatility and risks, has created a new class of millionaires and billionaires who have made their fortune through strategic investments. While their success stories dominate headlines, the ways these individuals deploy their digital fortunes reveal a spectrum of ambition, extravagance, and eccentricity.
From extravagant art purchases that defy logic to massive investments in cars and real estate, these individuals are redefining what it means to spend big. Here’s a look at some of the ways crypto millionaires have splashed their digital cash.
Well, specifically, a banana duct-taped to a wall. He acquired the artwork, titled ‘Comedian’ by Italian artist Maurizio Cattelan, at a Sotheby’s auction in New York.
Originally purchased for 35 cents from Shah Alam, a 74-year-old Bangladeshi immigrant working near Sotheby’s, the banana’s value surged through Cattelan’s conceptual art.
Sun, whose net worth is $8.5 billion according to Forbes, didn’t just buy the piece for show. He later ate the banana during a press conference in Hong Kong.
“Many friends have asked me about the taste of the banana. To be honest, for a banana with such a back story, the taste is naturally different from an ordinary one,” Sun wrote on X.
Moreover, in March 2021, he purchased a Beeple non-fungible token (NFT) for $6 million. Later that year, in November 2021, Sun bought the Alberto Giacometti sculpture Le Nez at Sotheby’s for $78 million.
However, this acquisition became embroiled in a heated legal dispute. In February 2025, Sun sued media mogul David Geffen, alleging his former employee stole and sold the sculpture to Geffen for $65.5 million without his consent. Meanwhile, in April 2025, Geffen’s countersuit labeled Sun’s claims a “sham” tied to crypto market woes.
Sun’s spending extends beyond art. In December 2021, he outbid competitors by paying $28 million for a seat on Blue Origin’s first spaceflight, owned by Jeff Bezos. Despite winning the bid, which benefited space-related charities, scheduling conflicts prevented Sun from participating in the launch.
Carl Runefelt (Carl Moon)
Carl Runefelt, widely recognized by his online alias Carl Moon, is a Swedish crypto investor and social media influencer. He rose from being a supermarket cashier to a multi-millionaire crypto influencer in Dubai.
Runefelt publicly documents his millionaire crypto lifestyle, sharing it with his 1.5 million followers on X, around 245,000 followers on Instagram, and 360,000 subscribers on YouTube. His social media presence is dominated by displays of luxury, including hypercars, private jets, and high-end watches, making him a poster boy for the “crypto bro” lifestyle.
Among his notable acquisitions is a Bugatti Veyron, which he reportedly purchased for $2 million.
“I quit my supermarket job as a cashier back In November 2018. Now, 3 years later I’m driving a Bugatti Veyron in Dubai. What’s the next car I should buy?” Runefelt wrote in a 2022 post on Instagram.
In January 2024, Runefelt added a $300,000 G-Wagon to his car collection. In September that year, he splurged $800,000 on a Ferrari. Moreover, in February 2025, he expanded his car investments with four more Ferraris worth $4 million.
Runefelt also owns a custom $1 million Jacob & Co. watch and a $140,000 Patek Philippe Nautilus, among other expensive acquisitions. These purchases reflect his affluent lifestyle, fueled by his cryptocurrency success, and form part of his strategy to inspire followers through visible wealth.
Ed Craven
Ed Craven is an Australian billionaire and co-founder of Stake.com, a cryptocurrency-based online casino, and Kick, a live-streaming platform. He has a net worth of $2.4 billion, mainly from Stake’s success.
The platform, launched in 2017 with Bijan Tehrani, is now one of the world’s largest offshore crypto casinos. Notably, in 2025, Craven appeared on Forbes’ list of the youngest billionaires. He is one of only two self-made billionaires under 30.
Craven has used his cryptocurrency wealth for lavish yet smart purchases. He owns one of Australia’s most expensive homes on St George’s Road, Toorak, which he purchased for $80 million. He also bought a $38.5 million property on Orrong Road and owns multimillion-dollar homes in Southbank and Mount Macedon.
Craven’s spending also extends to sports. He committed $100 million to rename the Alfa Romeo Formula One team as the “Stake F1 Team Kick Sauber.”
While real estate dominates his portfolio, his sports investments highlight a strategic use of wealth to elevate personal and corporate prestige, aligning with his entrepreneurial vision.
After dipping to a low of $1.96, XRP has made a strong comeback, gaining more than 4% in the last 24 hours. The price has jumped above the $2.11 mark and is now aiming to break higher levels.
This rebound signals renewed bullish momentum, with traders watching closely to see if XRP can maintain this upward trend and target new resistance levels. The market’s positive sentiment is fueled by growing interest in XRP, especially in regions like South Korea, where it continues to dominate trading volumes.
Has XRP Outpaced BTC And ETH?
XRP is one of the top-traded cryptocurrencies in South Korea, especially on Upbit, the country’s leading exchange. According to Kaiko Research, XRP-KRW has held the top spot for trading volume 70 times this year, even outpacing Bitcoin (BTC) and Ethereum (ETH) in popularity.
Unlike global markets where BTC and ETH dominate, South Korea’s crypto scene is more diverse, with altcoins like XRP, STX, DOGE, and SOL frequently topping trading charts. XRP’s strong demand reflects its active community and liquidity in the region.
“Upbit, on the other hand, has had more than 40 different instruments grab the top spot on at least one day. XRP-KRW has the most days on top at 70, followed by BTC-KRW at 64. After that, it’s chaotic. Tokens like T (yes, just T), HIVE, PUNDIX, and STEEM have all spent at least a day at the top,” a research by Kaiko said.
South Korea’s strict crypto regulations, requiring exchanges to register with the Financial Intelligence Unit (FIU), have helped create a stable trading environment. Despite global attention often focusing on the U.S. or Europe, South Korea’s vibrant crypto market—especially XRP’s performance—shows just how dynamic and unique it truly is.
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After dipping to a low of $1.96, XRP has made a strong comeback, gaining more than 4% in the last 24 hours. The price has jumped above the $2.11 mark and is now aiming to break higher levels. This rebound signals renewed bullish momentum, with traders watching closely to see if XRP can maintain this …