Moisture! How does the drainage look around the house and is there any capillary-breaking layer between the concrete slab and the ground underneath?
Classic problem in basements. The wall is likely painted with dense plastic paint. There is always moisture in the exterior walls of basements. If the moisture has nowhere to go, it will eventually cause the paint and plaster to detach. This can happen even if the wall is not painted, but it takes longer. There are many threads on how to handle this if you search around on the forum.