Ripple RLUSD Soars, Kraken Blocks Hack, eToro IPO Buzz, KuCoin Defends Funds

Ripple’s RLUSD Stablecoin Gains Momentum with Gemini Listing and Major Education Donation

Ripple’s newly launched stablecoin, RLUSD, has been added to the major U.S.-based cryptocurrency exchange Gemini, founded by the Winklevoss twins in October 2014. This development was announced by Ripple’s senior executive and managing director for Middle East & Africa, Reece Merrick. RLUSD, which was launched on the mainnet in early December 2024, is minted on both the XRP Ledger and Ethereum blockchains, with Ethereum being the more frequently used platform for RLUSD issuance so far. Prior to Gemini, exchanges such as Bullish, Bitstamp, and LMAX Digital had already listed RLUSD.

In a significant philanthropic move, Ripple announced a $25 million RLUSD donation to support U.S. education. The funds are directed to two major non-profit organizations, DonorsChoose and Teach For America, aiming to benefit thousands of classrooms across the United States. Ripple CEO Brad Garlinghouse expressed hope that this initiative, which coincided with Teacher Appreciation Week, would inspire other large companies to contribute similarly. Aneesh Sohoni, CEO of Teach For America, stated that the funding would expand the Ignite Tutoring Fellows program, drive innovation in the Reinvention Lab, and provide crucial financial assistance to thousands of new corps members during their teacher preparation.

According to data from the Ripple Stablecoin Tracker, the last minting of RLUSD occurred on April 25, with three batches totaling 38,000,000 RLUSD (11,500,000 RLUSD, 11,500,000 RLUSD, and 15,000,000 RLUSD). On the same day, 15,000,000 RLUSD were burned. Since then, no new RLUSD stablecoins have been created. As of the latest data from CoinMarketCap, 317.04 million RLUSD are in circulation.

Date	RLUSD Minted	RLUSD Burned	Circulating Supply
April 25, 2025	38,000,000	15,000,000	317,040,000

RLUSD is now supported by Gemini, following listings on Bullish, Bitstamp, and LMAX Digital.
Ripple donated $25 million in RLUSD to U.S. educational organizations.
No new RLUSD has been minted since April 25, 2025.
Current RLUSD circulating supply stands at 317.04 million.

Source: U.Today

“This funding will expand our Ignite Tutoring Fellows program, drive innovation in our Reinvention Lab, and provide crucial financial assistance to thousands of new corps members during their teacher preparation.” – Aneesh Sohoni, CEO of Teach For America

Key Takeaway: Ripple’s RLUSD stablecoin is gaining traction with major exchange listings and is being used for significant philanthropic efforts, with a current circulating supply of 317.04 million and no new minting since April 25, 2025.

Kraken Thwarts North Korean Hacker’s Attempt to Infiltrate Crypto Exchange

Kraken, one of the world’s leading crypto exchanges, has reportedly intercepted a North Korean hacker attempting to secure a job at the company under a false identity. According to a CBS News report cited by The Daily Hodl, Nick Percoco, Kraken’s chief security officer, revealed that an individual from North Korea, posing as “Steven Smith,” tried to obtain an IT position at the exchange. The individual, who is on a “Do Not Hire” list, is suspected of working for North Korea’s regime under Kim Jong Un.

During the interview process, the applicant was asked to provide identification, claiming to be from Houston. After a delay, he submitted a screenshot of a driver’s license with the name “Stephen Smith” and an address 300 miles away. The applicant also claimed to have a bachelor’s degree in computer science from New York University and over a decade of experience at U.S. firms such as Cisco and Kindly Human. The United Nations estimates that North Korea earns between $250 million and $600 million annually by deceiving foreign firms into hiring its operatives.

Kraken identified and confronted a North Korean hacker posing as a U.S. job applicant.
The individual was on a “Do Not Hire” list and suspected of working for the North Korean government.
North Korea is estimated to make $250 million to $600 million annually through such operations.

Source: The Daily Hodl

“We like to look the attackers right in the eyes. Some people might call it trolling as well. We call it security research… Their job is to start employment, to steal intellectual property, steal money from companies… Take home a paycheck, and do it in a widespread way.” – Nick Percoco, Chief Security Officer, Kraken

Key Takeaway: Kraken’s proactive security measures prevented a North Korean hacker from infiltrating the company, highlighting the ongoing threat of state-sponsored cyber operations in the crypto industry.

eToro Prepares for $500 Million Wall Street IPO Amid Regulatory Hurdles

eToro Group Ltd., an Israeli trading platform, is preparing for a U.S. IPO to raise $500 million, targeting a valuation close to $4 billion. According to a filing with the SEC, eToro plans to offer 10 million shares priced between $46 and $50, with half issued by the company and the other half by existing investors and insiders, including Spark Capital, BRM Group, Andalusian Private Capital, CM Equities SP, and co-founder and CEO Yoni Assia. BlackRock-managed funds have shown preliminary interest in purchasing up to $100 million of the offering, and 500,000 shares are reserved for a directed share program. The IPO will be underwritten by Goldman Sachs, Jefferies, UBS, and Citigroup, with shares set to debut on Nasdaq under the ticker ETOR.

eToro’s 2024 financials show a net contribution of $787 million and net income of $192 million, a significant increase from 2023’s $557 million and $15.3 million, respectively. The company’s last funding round in 2023 valued it at $3.5 billion, with backing from ION Group and SoftBank Vision Fund 2. However, eToro’s regulatory filing highlights substantial risks related to digital asset regulations in the U.S., noting that varying state laws could limit its operations. Compliance with the European Union’s cryptoasset regulations is also expected to incur ongoing costs. In September of the previous year, eToro agreed to withdraw most of its crypto asset offerings in the U.S. and pay a $1.5 million penalty after a settlement with the SEC, restricting its U.S. offerings to Bitcoin (BTC), Bitcoin Cash (BCH), and Ethereum (ETH).

Year	Net Contribution	Net Income	Valuation
2023	$557 million	$15.3 million	$3.5 billion
2024	$787 million	$192 million	~$4 billion (IPO target)

eToro aims to raise $500 million in its U.S. IPO, with shares priced between $46 and $50.
BlackRock-managed funds may purchase up to $100 million of the offering.
2024 net income rose to $192 million from $15.3 million in 2023.
Regulatory risks in the U.S. and EU could impact future operations.
eToro paid a $1.5 million penalty to the SEC and limited U.S. crypto offerings.

Source: CCN.com

Key Takeaway: eToro is moving forward with a major Wall Street IPO, but faces significant regulatory challenges in the U.S. and Europe, which may limit its crypto operations and growth potential.

KuCoin Refutes Claims of 77% Bitcoin Reserve Drop, Reveals 106% Reserve Ratio

KuCoin, a global cryptocurrency exchange, has disputed reports suggesting a 77% decline in its Bitcoin reserves since 2023. The controversy originated from Onchain School, which cited CryptoQuant data indicating that KuCoin’s Bitcoin holdings fell from 18,300 BTC in June 2023 to approximately 4,100 BTC by April 2025. The report attributed this drop to the introduction of mandatory know-your-customer (KYC) rules in August 2023, which required all users to complete identity verification. Onchain School suggested that privacy concerns led users to withdraw funds, and noted that KuCoin’s situation was more severe than the broader trend of declining reserves across centralized exchanges.

In response, KuCoin released its 30th Proof of Reserves, showing a 106% Bitcoin reserve ratio, with 9,751 BTC in user funds and 10,306 BTC in exchange-controlled wallets. The report also indicated reserve coverage of 116% for Ethereum, 114% for USDT, and 109% for USDC. KuCoin emphasized its commitment to transparency and responsible reporting, warning that inaccurate data could undermine public trust in the crypto ecosystem.

Asset	Reserve Ratio	User Funds	Exchange-Controlled Wallets
Bitcoin	106%	9,751 BTC	10,306 BTC
Ethereum	116%	-
USDT	114%	-
USDC	109%	-

KuCoin disputes claims of a 77% drop in Bitcoin reserves.
Current Bitcoin reserve ratio is 106%, with 9,751 BTC in user funds and 10,306 BTC in exchange wallets.
Reserve coverage for Ethereum, USDT, and USDC is 116%, 114%, and 109%, respectively.
Mandatory KYC rules introduced in August 2023 may have influenced user withdrawals.

Source: CryptoSlate

“We’re concerned about the spread of false or misleading information by some platforms. Irresponsible reporting misleads users and undermines trust in the crypto ecosystem.” – KuCoin statement

Key Takeaway: KuCoin maintains a robust reserve position, countering reports of a significant Bitcoin reserve decline, and continues to emphasize transparency and user trust.

Coincheck Group N.V. to Announce Q4 2025 Financial Results

Coincheck Group N.V., the holding company of Coincheck, Inc., a leading Japanese crypto exchange, has announced that it will release its fourth quarter 2025 financial results on Tuesday, May 13, 2025. Headquartered in the Netherlands and listed on Nasdaq under the ticker CNCK, Coincheck operates one of Japan’s largest multi-cryptocurrency marketplaces and is regulated by the Japan Financial Services Agency. The company provides platforms for trading a variety of cryptocurrencies, including Bitcoin and Ethereum, as well as other retail-focused crypto services.

Coincheck Group N.V. will announce Q4 2025 results on May 13, 2025.
The company is a major player in the Japanese crypto market and is regulated by the Japan Financial Services Agency.
Coincheck offers marketplace and exchange services for multiple cryptocurrencies.

Source: Business Wire

Key Takeaway: Coincheck Group N.V. is set to disclose its Q4 2025 financial performance, reinforcing its position as a leading regulated crypto exchange in Japan.

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