Bithumb Splits in Two: Major Restructure Before South Korean IPO

Bithumb to Split Operations Ahead of South Korean IPO

Bithumb, a leading cryptocurrency exchange based in Seoul, is undergoing a significant restructuring as it prepares for an initial public offering (IPO) on South Korea's Kosdaq. According to CoinDesk, the company will split into two entities: Bithumb Korea, which will focus solely on the core crypto exchange business, and Bithumb A, a newly created entity that will oversee venture investments, asset management, and new business initiatives.

The restructuring is set to take effect on July 31, with Bithumb A consolidating the exchange's investment arms, including Bithumb Partners. This division has shifted its focus from NFT and metaverse projects to financial product investments such as equities and bonds. Bithumb posted an operating profit of 130.8 billion won ($95 million) in 2024, a significant turnaround from a 149 billion-won loss the previous year. The company is also considering a Nasdaq listing after its Kosdaq debut.

"Bithumb is reorganizing its business structure to focus on a public listing of its core crypto exchange operations." - CoinDesk

Key Takeaways:

Bithumb will split into two entities: Bithumb Korea and Bithumb A.
The restructuring aims to prepare for an IPO on South Korea's Kosdaq.
Bithumb reported a $95 million operating profit in 2024.

Solana Whale Withdraws $52.7 Million from Binance

On-chain data reveals that a Solana whale has withdrawn 374,161 SOL, valued at $52.7 million, from Binance to an unknown wallet. According to TradingView, this transaction is considered an exchange outflow, which often signals long-term holding intentions and could be a bullish indicator for Solana's price.

Such large-scale movements by whales can influence market sentiment, even if they do not directly impact prices. At the time of reporting, Solana's price was $134, reflecting a 4% increase over the past week. This withdrawal contrasts with a separate whale transaction involving XRP, where 29,532,534 XRP ($62.6 million) was deposited into Coinbase, potentially signaling selling intentions.

Key Takeaways:

A Solana whale withdrew $52.7 million worth of SOL from Binance.
Exchange outflows are often seen as bullish signals.
Solana's price has risen by 4% in the past week, trading at $134.

KuCoin Settlement with CFTC Delayed

KuCoin's planned settlement with the U.S. Commodity Futures Trading Commission (CFTC) faces delays due to a policy shift deprioritizing cases against crypto companies. Cointelegraph reports that the CFTC lacks a majority to approve the settlement, leaving the case in limbo. The exchange had previously agreed to a $297 million settlement with the Department of Justice and committed to exiting the U.S. market for two years.

The CFTC charged KuCoin with multiple violations, including Anti-Money Laundering laws, and alleged that the exchange handled over $5 billion in suspicious funds. The case's resolution now hinges on the confirmation of new leadership at the CFTC.

Key Takeaways:

KuCoin's settlement with the CFTC is delayed due to a lack of majority approval.
The exchange previously settled with the Department of Justice for $297 million.
KuCoin is accused of handling over $5 billion in suspicious funds.

Only 3.84% of $1.4 Billion Hacked Crypto Frozen

ByBit CEO Ben Zhou revealed that only 3.84% of the $1.4 billion stolen by North Korea's Lazarus Group has been frozen. According to Bitcoinist, the stolen funds, initially valued at 500,000 ETH, have been fragmented and laundered through mixers, cross-chain swaps, and over-the-counter desks. Investigators have traced 68.57% of the funds, but 27.59% remains untraceable.

The stolen assets have been converted into Bitcoin and dispersed across tens of thousands of wallets, complicating recovery efforts. Zhou emphasized the need for coordinated action across exchanges and liquidity hubs to freeze additional funds.

Key Takeaways:

Only 3.84% of the $1.4 billion stolen by Lazarus Group has been frozen.
68.57% of the funds are traceable, while 27.59% remain untraceable.
The stolen assets have been fragmented across multiple wallets and platforms.

DeFi Technologies Launches Kenya Digital Exchange

DeFi Technologies has announced the launch of Kenya Digital Exchange (KDX), a regulated platform for tokenizing real-world assets. According to Crypto News, KDX will enable trading of tokenized equities, debt, funds, and commodities. The platform is a collaboration with Valour Inc., SovFi, and the Nairobi Securities Exchange.

KDX will roll out in three phases, with the first phase expected by the end of 2025. The exchange aims to tap into Africa's growing crypto market, which saw $18.6 billion in transactions in 2022. The platform will generate revenue through trading fees, staking, and token launches.

Key Takeaways:

KDX will tokenize real-world assets like equities and commodities.
The platform is set to launch in phases, starting in late 2025.
Africa's crypto market accounted for $18.6 billion in transactions in 2022.

MEXC Lists Hyperlane with $215,000 Prize Pool

MEXC has announced the listing of Hyperlane (HYPER), a cross-chain communication protocol, on April 22, 2025. Crypto Briefing reports that the exchange is celebrating the listing with a prize pool of 165,000 HYPER and 50,000 USDT. Hyperlane connects over 140 blockchains and has processed nearly 9 million cross-chain messages.

The event includes multiple rewards for users, such as airdrops and trading bonuses. Hyperlane's native token, $HYPER, has a total supply of 1 billion and is used for staking, governance, and incentivizing activity within the ecosystem.

Key Takeaways: