Ripple’s U.S. dollar-pegged stablecoin, RLUSD, has officially launched, sparking curiosity about which major exchanges will support it. While Ripple’s Senior Vice President of Stablecoins, Jack McDonald, remained tight-lipped about specific exchange partnerships, he hinted at future listings, including potential support from leading platforms like Coinbase. This week, Bitstamp confirmed its support for RLUSD, marking a significant step in Ripple’s journey to expand its stablecoin presence.
In a recent interview with The Block, McDonald discussed the complexities of securing exchange listings, emphasizing the technical challenges involved. “There’s a lot that goes on [beyond a handshake], especially considering the diverse blockchains that stablecoins like RLUSD operate on,” McDonald explained. The stablecoin is currently supported on both Ethereum and XRP Ledger, following approval from the New York State Department of Financial Services (NYDFS).
Ripple’s RLUSD is the first XRP Ledger-based stablecoin to secure NYDFS approval, positioning it as a key player in the regulatory-compliant stablecoin market. McDonald noted that this approval could encourage other NYDFS-regulated entities to adopt RLUSD, making it an attractive asset for exchanges.
When discussing other potential exchanges, McDonald mentioned that platforms like Coinbase and Binance have historically shown exclusivity toward certain stablecoins due to strategic partnerships, such as Coinbase’s relationship with Circle’s USDC. However, he remains optimistic that exchanges will eventually expand their stablecoin offerings, including the possible inclusion of RLUSD.
Looking ahead to 2025, McDonald predicted that stablecoin issuers with strong institutional backing and regulatory compliance frameworks will dominate the market. Smaller, less compliant entrants may struggle to compete as liquidity and institutional trust become key factors in exchange and liquidity provider decisions.
With Ripple’s RLUSD making strides in both regulatory approval and exchange partnerships, the stage is set for it to challenge the dominance of existing stablecoins in the coming year.
Kraken, a prominent cryptocurrency exchange, has uncovered a sophisticated infiltration attempt by a North Korean hacker posing as a job candidate.
The security and recruitment teams advanced the candidate through the hiring process. The aim was to study their strategies and gather crucial insights.
How a North Korean Hacker Tried to Infiltrate Kraken
Kraken detailed the incident in a recent blog post on May 1. The hacker applied for an engineering role at the exchange, initially appearing as a legitimate candidate, allegedly named Steven Smith. However, several red flags emerged during the hiring process.
“What started as a routine hiring process for an engineering role quickly turned into an intelligence gathering operation, as our teams carefully advanced the candidate through our hiring process to learn more about their tactics at every stage of the process,” Kraken noted.
Moreover, the Open-Source Intelligence gathering (OSINT) investigation uncovered the candidate’s involvement in a network of fake identities.
“This meant that our team had uncovered a hacking operation where one individual had established multiple identities to apply for roles in the crypto space and beyond. Several of the names had previously been hired by multiple companies, as our team identified work-related email addresses linked to them. One identity in this network was also a known foreign agent on the sanctions list,” the blog read.
Additionally, technical inconsistencies in their setup, like using remote, colocated Mac desktops accessed via a VPN and altered IDs, pointed to an infiltration attempt. This information confirmed that the candidate was likely a state-sponsored hacker.
In a final interview with the candidate, Kraken’s Chief Security Officer, Nick Percoco, and some team members confirmed the company’s suspicions. The candidate’s failure to verify their location or answer questions about their city and citizenship revealed them as an impostor.
“Their job is to start employment to steal intellectual property, steal money from those companies, take home a paycheck, and do it in a widespread way,” Percoco told CBS about the hackers.
FinCEN Proposes Ban on Huione Group Over North Korean Ties
Meanwhile, in another development, the US Financial Crimes Enforcement Network (FinCEN) has proposed banning Cambodia-based Huione Group from the US financial system. The department identified Huione as a key facilitator for North Korean hacker groups, including those involved in cyber heists and “pig butchering” cryptocurrency scams.
“Huione Group has established itself as the marketplace of choice for malicious cyber actors like the DPRK and criminal syndicates, who have stolen billions of dollars from everyday Americans,” Secretary of the Treasury Scott Bessent said.
FinCEN accused the group of laundering over $4 billion in illicit funds between August 2021 and January 2025. According to the department, Huione’s network, including Huione Pay, Huione Crypto, and Haowang Guarantee, is a preferred marketplace for cryptocurrency criminals, offering services such as payment processing and an illicit online marketplace.
“Today’s proposed action will sever Huione Group’s access to correspondent banking, degrading these groups’ ability to launder their ill-gotten gains. Treasury remains committed to disrupting any attempt by malicious cyber actors to secure revenue from or for their criminal schemes,” Bessent added.
These incidents highlighted a pattern of North Korean cyberattacks on the cryptocurrency sector. In 2024, hackers stole over $659 million from crypto firms.
According to a joint statement from the United States, Japan, and the Republic of Korea, North Korean hackers targeted the industry using tactics like social engineering and malware (e.g., TraderTraitor, AppleJeus). Additionally, North Korean IT workers were identified as insider threats to private sector companies.
In fact, recently, on-chain investigator ZachXBT uncovered significant North Korean involvement in decentralized finance (DeFi) protocols, with some of them relying on nearly 100% of their monthly volume/fees from the Democratic People’s Republic of Korea (DPRK).
On Tuesday, Bitcoin spot ETFs recorded net outflows, snapping a three-day streak of inflows that had brought in over $1 billion.
With uncertainty surrounding the Federal Reserve’s upcoming policy decision, institutional investors appear to be reducing their exposure in anticipation of increased market volatility.
Institutions Pull Back from BTC ETFs as Fed Decision Looms
BTC spot ETFs saw net outflows of $85.64 million on Tuesday, marking a shift in sentiment among institutional investors just ahead of today’s US Federal Reserve’s latest policy meeting.
Total Bitcoin Spot ETF Net Inflow. Source: SosoValue
The outflows came after three consecutive days of strong inflows, totaling over $1 billion, into these BTC-backed funds. This suggests a pullback as market participants prepare for potential volatility surrounding today’s FOMC announcement.
It can also be seen as a strategic step to avoid short-term losses in the event of an unfavorable policy signal or unexpected market reaction.
Despite the ETF outflows, on-chain data reveals a spike in spot net inflows today. This indicates that while institutional players may be reducing their ETF exposure, they could be rotating capital into direct spot positions, possibly to capitalize on short-term price swings both before and after the Fed’s announcement.
According to Coinglass, BTC’s spot net inflows sit at $9.72 million. When an asset sees spot inflows, the number of its coin or tokens purchased and moved into spot markets has increased, indicating rising demand.
This points to surging accumulation among BTC spot market participants, a trend which can drive price appreciation if buying pressure remains.
Bitcoin Rises on Buyer Strength
BTC trades at $96,679 at press time, noting a 2% surge over the past day. The coin’s positive Balance of Power (BoP) reflects the steady rise in spot buying activity ahead of the FOMC meeting. As of this writing, this is at 0.10.
This indicator measures the strength of buyers versus sellers by comparing the closing price to the trading range over a specific period. When its value is positive, buyers dominate the market, suggesting bullish momentum and upward pressure on an asset’s price.
If BTC demand rockets and market conditions remain favorable post-FOMC meeting, it could climb toward $102,080.
According to an on-chain analyst, the movement of dormant Bitcoins (BTC) increased by 121% in Q1 2025 compared to Q1 2024.
This shift may signal that long-term investors are reacting to broader economic trends or anticipating market changes.
Dormant Bitcoin on the Move: What’s Driving the Trend?
In a recent post on CryptoQuant, the analyst revealed that investors moved around 28,000 dormant Bitcoins in Q1 2024. March was particularly noteworthy, with approximately 19,296 BTC moved. This was in contrast to the lower figures in January (approximately 3,034 BTC) and February (approximately 5,678 BTC).
“In the first three months of 2025, more than twice the amount of long-dormant Bitcoin has been moved compared to the same period in 2024,” the post read.
Comparing this to the first quarter of 2025, the total amount of Bitcoin moved was notably higher. Over 62,00 BTC, dormant for over seven years, was transferred. Specifically, investors moved 24,595 BTC in January, 21,820 BTC in February, and 16,456 BTC in March.
Recently, Glassnode pointed out that Bitcoin has experienced its deepest drawdown of the cycle. In its weekly newsletter, the firm emphasized that investors are facing intense pressure. Furthermore, many are currently experiencing their largest unrealized losses ever.
“Current unrealized losses are largely concentrated among newer investors, while long-term holders remain in a position of unilateral profitability. However, an important nuance is emerging, as recent top buyers age into long-term holder status, as noted, the level of unrealized loss within this cohort is likely to increase,” the newsletter read.
However, Glassnode noted that BTC’s dip remains within the typical range of previous corrections seen in bull markets. Importantly, Bitcoin has also been on a recovery rally lately.
Over the past week, its value has appreciated by 8.9%. Yet, daily losses stood at 2.2%. At the time of writing, BTC was trading at $92,164. The decline wasn’t isolated, as the broader crypto market also experienced a correction.
Meanwhile, the increased movement of dormant assets is not limited to Bitcoin. A parallel trend has emerged in the Ethereum (ETH) market. Data from Lookonchain showed that in early February, a whale deposited its entire holdings of 77,736 ETH into Bitfinex after being inactive for six years.
In early April, Onchain Lens posted about an eight-year dormant whale moving 11,104 ETH worth 19.97 million.
“Of this, 247.93 ETH was sent to Coinbase and 10,856 ETH to a new wallet. The whale initially withdrew ETH for $2.51 million from Kraken and Gemini, 8 years ago,” Onchain Lens added.
This asset movement reflects investors’ strategic repositioning amid economic uncertainty.
