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ZachXBT Exposes North Korean Crypto Network Pulling $1M Monthly from Fake Identities

Sam Wisdom Raphael
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ZachXBT Exposes North Korean Crypto Network Pulling $1M Monthly from Fake Identities

On-chain investigator ZachXBT revealed details of a North Korean-linked operation after analyzing leaked data from an internal payment server. 

His findings show a coordinated scheme generating about $1 million per month through fake identities, forged documents, and crypto-to-fiat conversions, with funds routed through platforms like Payoneer.

Key Points

  • ZachXBT uncovered a DPRK-linked ~$1 million per month scheme using fake identities and forged documents.
  • The operation has processed over $3.5 million since November 2025.
  • Evidence revealed 33 IT workers communicating via IPMsg while using tools like Astrill VPN.
  • Blockchain tracing linked wallet activity to known DPRK clusters, with one Tron address frozen by Tether in December 2025.
  • DPRK-linked actors stole $2.02 billion in crypto in 2025 (60% of global theft), including a $1.5 billion Bybit hack.

Leaked Server Data Reveals Hidden Operation

Notably, the data came from a compromised device used by a DPRK IT worker linked to a hacking group. Interestingly, he identified malware on the device that exposed IPMsg chat logs, browsing history, and several fake identities used to apply for jobs. 

Within those chats, users discussed a platform called luckyguys[.]site. The platform worked as an internal payment system, similar to a messaging app, where workers reported earnings to their handlers.

ZachXBT also found basic security failures on the platform. Specifically, at least ten users kept the default password 123456 unchanged. The system listed users with roles, Korean names, cities, and coded group names that match known DPRK IT worker structures. 

Payment Structure and Fund Movement

In terms of fund movements, ZachXBT found that since late November 2025, the system has handled more than $3.5 million in crypto payments. Workers typically sent crypto from exchanges or other services, then converted those funds into cash through Chinese bank accounts or platforms such as Payoneer.

To coordinate the process, a central admin account known as PC-1234 confirmed payments and shared account details for different platforms, including crypto exchanges and fintech services. 

Meanwhile, conversations between users, including one named Rascal, showed how the system managed payments between December 2025 and April 2026, often using fake identities. The system also included Hong Kong addresses for billing and goods, although ZachXBT noted that these addresses still need to be verified.

Blockchain tracking linked the payment wallets to known DPRK-related activity. Tether had frozen one Tron wallet in December 2025. The investigation highlighted two wallet addresses connected to the operation: “0xb…998” and “TSx…7L3.”

The Group Received Internal Trainings

The compromised device, linked to a user called Jerry, showed the use of Astrill VPN and multiple fake identities for job applications. Notably, internal Slack messages included a discussion about a blog post describing a DPRK deepfake job applicant. 

Screenshots also showed 33 DPRK IT workers communicating through IPMsg on the same network. In one exchange, Jerry discussed a possible plan to steal from a project using a Nigerian proxy. The target was Arcano, a GalaChain-based game, though it remains unclear if they carried out the plan.

The group also received regular technical training. Between November 2025 and February 2026, the admin shared 43 training modules focused on tools like Hex-Rays and IDA Pro. 

The sessions covered disassembly, decompilation, debugging, and general cybersecurity skills. One link shared on Nov. 20 explained how to use IDA tools to analyze and unpack malicious software.

ZachXBT noted that this group appeared less advanced compared to better-known ones such as Lazarus Group, AppleJeus, and TraderTraitor, which are more efficient and pose greater risks.

North Korea’s Growing Role in Crypto Crime

Globally, North Korea’s involvement in crypto-related crime has continued to expand. In 2025, DPRK-linked groups stole at least $2.02 billion in cryptocurrency, per Chainalysis. This marked a 51% increase from 2024 and accounted for about 60% of the $3.4 billion stolen globally. Their estimated total crypto theft now stands at $6.75 billion.

One major incident occurred in February 2025, when the Lazarus Group exploited a weakness in Bybit’s system. The attack led to the theft of about $1.5 billion in Ethereum, making it the largest single crypto heist on record.

ZachXBT had earlier linked similar IT worker schemes to more than 25 crypto-related hacks or extortion cases in September 2025. These operations reportedly generated close to $800 million in 2024, with funds sent back to support the regime.

Morgan Stanley’s Bitcoin ETF Launches on NYSE

Lele Jima
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Morgan Stanley’s Bitcoin ETF Launches on NYSE

Morgan Stanley Investment Management has finally launched its spot Bitcoin exchange-traded fund (ETF).

The product, called Morgan Stanley Bitcoin Trust (MSBT), will trade on NYSE Arca and aims to provide investors with regulated exposure to Bitcoin through a traditional investment vehicle. Notably, the fund represents the first cryptocurrency ETP offered by a U.S. bank-affiliated asset manager.

Key Points

  • Morgan Stanley Investment Management has launched its spot Bitcoin exchange-traded fund, marking a major step into the digital asset investment space. 
  • The fund will trade on NYSE Arca and track Bitcoin’s price performance using the CoinDesk Bitcoin Benchmark 4 PM NY Settlement Rate. 
  • Morgan Stanley set the sponsor fee at 0.14%, making it one of the lowest-cost Bitcoin ETP offerings in the market. 
  • BNY and Coinbase will provide institutional-grade digital asset custody services. 

MSBT Bitcoin ETF Goes Live on NYSE 

According to the announcement, MSBT seeks to replicate Bitcoin’s price movements using the CoinDesk Bitcoin Benchmark 4 PM NY Settlement Rate as its pricing reference. The benchmark aggregates executed trade data from major Bitcoin spot exchanges to produce a standardized daily settlement rate.

The fund also features a competitive cost structure. Specifically, it carries a 0.14% sponsor fee, which Morgan Stanley says is currently the lowest among comparable Bitcoin ETP offerings, including Grayscale Investments’ product, which charges around 0.15%.

To ensure institutional-grade infrastructure, Morgan Stanley selected BNY and Coinbase to provide digital asset custody services. In addition, BNY will serve as the administrator and transfer agent, handling accounting, record-keeping, and cash management functions for the fund. 

Morgan Stanley Investment Arm Expands Beyond Traditional Asset Classes

The launch highlights Morgan Stanley’s growing commitment to digital asset innovation and its response to rising client demand for cryptocurrency exposure. Moreover, the ETP structure allows investors to access Bitcoin through a transparent, regulated framework that integrates seamlessly with traditional brokerage and portfolio systems.

Moreover, the offering expands Morgan Stanley Investment Management’s ETF platform, launched in 2023 and now managing more than $12 billion in assets across 19 products. By introducing a Bitcoin ETP, the firm is extending its investment lineup beyond traditional finance (TradFi) assets into the crypto market. 

First Major US Bank to Venture Into Bitcoin ETF Market 

Notably, Morgan Stanley’s entry into the Bitcoin ETF market has attracted significant investor attention. Although major asset managers such as BlackRock and Fidelity Investments already offer Bitcoin ETFs, Morgan Stanley is the first major U.S. bank-affiliated asset manager to launch one.

According to Eric Balchunas of Bloomberg, the development marks a dramatic shift for the financial industry. Last month, he noted that such a move would have been unthinkable just a few years ago. He emphasized that Morgan Stanley is no ordinary bank, pointing to its network of roughly 16,000 financial advisors.

Meanwhile, the launch arrives shortly after Bitcoin ETF products recorded their first weekly outflows. Approximately $159 million exited these funds, with offerings from Fidelity Investments and Grayscale Investments seeing withdrawals of $47.8 million and $41.9 million, respectively. 

Evernorth Advances Nasdaq Listing Plan as Major XRP Treasury Company, Files S-4 Amendment With SEC

Abdulkarim Abdulwahab
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Evernorth Advances Nasdaq Listing Plan as Major XRP Treasury Company, Files S-4 Amendment With SEC

Evernorth Holdings has moved a step closer to becoming a publicly traded XRP treasury firm.

The firm filed an amendment to its Form S-4 registration statement with the U.S. SEC on April 7, 2026. Notably, the filing supports its planned business combination with Armada Acquisition Corp. II and targets a Nasdaq listing under the ticker XRPN.

The deal positions Evernorth as one of the first large-scale public companies built around holding and deploying XRP on its balance sheet.

Key Points

  • Evernorth moves toward becoming a public XRP treasury firm with an amended SEC S-4 filing.
  • The firm plans a Nasdaq listing under XRPN via a merger with Armada Acquisition Corp. II.
  • Ripple Labs contributes 126.79M XRP, anchoring the deal with a major strategic stake.
  • Institutional investors commit cash and XRP, signaling growing demand for structured XRP exposure.

Business Combination Structure Takes Shape

The amended filing outlines a multi-step merger process involving Evernorth, Armada Acquisition Corp. II, and Pathfinder Digital Assets. Upon completion, the combined entity will become a publicly traded company, issuing Class A shares and warrants to existing stakeholders.

Public shareholders, institutional investors, and strategic participants will receive equity in the new entity, with shares listing on Nasdaq. Based on a $10 reference price, the transaction implies a valuation of roughly $230 million for public shareholders alone, excluding warrants and additional funding layers.

Notably, the structure includes multiple share classes, with Class A shares carrying economic rights and listing eligibility.

Ripple’s XRP Contribution Anchors the Deal

A central component of the transaction is the involvement of Ripple Labs, which has committed a substantial amount of XRP to the deal.

Under a contribution agreement, Ripple transferred 126.79 million XRP tokens to the company in exchange for equity units. The value of this contribution is tied to XRP’s market price at signing. Additional adjustments will depend on price movements at closing.

Notably, Ripple’s chairman, Chris Larson, has also contributed XRP to the deal.

Institutional Investors Add Capital and XRP Exposure

The filing also details significant participation from institutional and accredited investors through advance and delayed funding rounds.

Advance funding agreements include $214 million in cash alongside a contribution of 600,000 XRP. Meanwhile, delayed funding adds another $10.5 million and 200,000 XRP. These investments will convert into equity at a standardized $10 share price, with adjustments based on XRP price performance.

The inclusion of XRP in subscription agreements highlights a hybrid financing model where investors gain exposure to equity and the underlying digital asset.

Toward a Public XRP Treasury Vehicle

Upon completion, the transaction would establish Evernorth as a publicly listed company with direct exposure to XRP, similar in concept to Bitcoin treasury firms but focused on the XRP ecosystem.

The company’s capital structure, XRP-denominated contributions, and Ripple’s direct involvement confirm a wide institutional push to formalize XRP within traditional financial markets.

The Nasdaq listing under XRPN could mark a significant milestone by offering public market investors a new way to gain structured exposure to XRP through equity rather than direct token ownership.

Binance Triggers Large XRP Open Interest Reset

Mark Brennan
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Binance Triggers Large XRP Open Interest Reset

Binance triggers a large XRP open interest reset in the derivatives market as prices attempt a relief bounce.

XRP has shown signs of recovery, rising 4.3% in 24 hours to $1.38, as the broader crypto market rebounds on reports of a ceasefire between the United States and Iran. Amid the recovery, market data suggests that XRP is witnessing a large Open Interest Reset led by Binance. 

Key Points

  • Amid the recent rebound, XRP’s derivatives market is now witnessing a reset in open interest.
  • Binance leads the charge, recording a -$19 million open interest change on April 7.
  • XRP’s total open interest fell from over $1 billion on March 16 to $807 million.
  • Binance saw the largest decline, with open interest dropping from $519 million to $370 million.
  • Liquidation data shows strong short pressure, with $3.56 million of $4.44 million in 24-hour liquidations coming from shorts.

Binance Leads Another Wave of XRP Open Interest Reset

Crypto analyst Amr Taha confirmed the latest development in a recent CryptoQuant analysis. According to Taha, Binance drove the recent leverage reset, as prices look to recover from the sustained weakness.

While this process may limit short-term upside, it helps clear unstable positions. Also, it could support a more sustainable move later, as liquidation data shows pressure on short traders during the recent rebound.

Taha explained that on April 7, Binance recorded a 24-hour open interest change of -$19 million. Notably, this is very close to the -$20 million from March 27. 

XRP Open Interest Change CryptoQuant
XRP Open Interest Change | CryptoQuant

When leverage drops while prices remain weak, it means the market is still going through a reset phase. It also shows that traders are not yet showing the strong confidence that typically supports a steady upward trend.

Notably, Taha stressed that this situation does not indicate an immediate bullish reversal. However, it does show that the market is reducing excess leverage. This could help remove unstable positions and can prepare the market for a stronger move later, once new positions start to build.

XRP Open Interest Trends

Expectedly, data from a CryptoQuant chart shows that XRP’s total derivatives open interest across all exchanges has been falling since it went above $1 billion on March 16. By the end of March, the figure had dropped to $807 million, following the price decline that started after March 16.

XRP Open Interest CryptoQuant
XRP Open Interest | CryptoQuant

Recently, open interest has started to recover slightly as XRP attempts to gain strength in April. It now stands at $856 million, showing some improvement in trader activity. Still, this level remains below the mid-March peak, which means the market has not fully rebuilt its earlier positions.

During this drop, Binance saw the biggest decline among major exchanges. Specifically, its XRP open interest fell from $519 million on March 16 to $370 million within a few days, a decrease of nearly $150 million. 

How Could This Impact Price?

This reset is mainly happening because of forced liquidations and traders closing their leveraged positions, especially on platforms like Binance. 

When prices fall or become unstable, highly leveraged long positions often get liquidated, while other traders choose to reduce their risk due to uncertainty. This leads to a drop in open interest, which XRP has continued to record.

Regarding price impact, this type of reset is usually neutral to slightly positive over the medium term, not immediately bullish. In the short term, it shows weak sentiment and limited confidence, which can keep prices moving sideways or unevenly. 

However, when the market clears out crowded and risky positions, it becomes more stable, making the next major move, whether up or down, more likely to be stronger and more lasting.

XRP Liquidation Data Shows Short-Side Pressure

Meanwhile, Coinglass data shows that most liquidations during this period have come from short positions. In the last 24 hours, total liquidations in the XRP market reached $4.44 million, with $3.56 million, or about 80%, coming from short positions. Long positions made up only $875,360, staying below $1 million.

XRP Liquidation Data Coinglass
XRP Liquidation Data | Coinglass

The gap is even larger over the last 12 hours. During this time, total liquidations stood at $2.85 million, with short positions accounting for $2.66 million, or 93% of the total. Long liquidations were much smaller at $190,830.

Market Updates: Bitcoin Rally Sparks $600M Liquidation Wave, HYPE Token Jumps on Arthur Hayes Endorsement, Swiss Banks Test CHF Stablecoin

Zabi
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Market Updates: Bitcoin Rally Sparks $600M Liquidation Wave, HYPE Token Jumps on Arthur Hayes Endorsement, Swiss Banks Test CHF Stablecoin

Latest Market Updates: As of 8th April 2026.

Bitcoin Rally Sparks $600M Liquidation Wave

Bitcoin surged past the $71,000 mark on Wednesday, setting off a wave of liquidations across leveraged positions. Within just 24 hours, more than $600 million was wiped from the market, according to Coinglass.

Short traders bore the brunt of the losses, accounting for $430.88 million, while long positions made up $170.61 million. Bitcoin alone was responsible for $245.27 million in liquidations, followed by Ethereum at $128.22 million.

Crypto Liquidations Past 24 Hours
Crypto Liquidations Past 24 Hours

Swiss Banks Launch Stablecoin Testing Initiative

Amid the market turbulence, institutional players continue to focus on long-term infrastructure. UBS Group AG has partnered with five major Swiss financial institutions to test a Swiss franc-backed stablecoin within a regulated sandbox environment.

The initiative brings together Sygnum, PostFinance, Raiffeisen, Banque Cantonale Vaudoise, and Zürcher Kantonalbank, with technical support provided by Swiss Stablecoin AG.

Running through 2026, the sandbox will enable participants to explore real-world applications under controlled conditions. The primary objective is to assess client benefits while maintaining strict regulatory compliance.

Ark Invest Adds $13M Stake in Robinhood

In parallel with these developments, institutional capital continues to flow into crypto-linked platforms. Ark Invest recently acquired around $13 million worth of shares in Robinhood.

The move reflects sustained confidence from Cathie Wood’s firm in platforms that serve as key access points for crypto retail investors.

Fresh Speculation Over Bitcoin Creator

Beyond market activity, attention has once again turned to one of crypto’s longest-standing mysteries. A report from The New York Times has suggested that Adam Back could be Bitcoin’s creator, Satoshi Nakamoto.

Back, who leads Blockstream, is known for developing Hashcash, a system that influenced Bitcoin’s proof-of-work model.

However, he has repeatedly denied these claims. Consequently, the theory remains speculative and unconfirmed, continuing a long-standing debate.

HYPE Token Jumps After Arthur Hayes Endorsement

In the altcoin market, Hyperliquid’s HYPE token emerged as a standout performer. The token climbed 8% to $39.53 after receiving a public endorsement from Arthur Hayes, co-founder of BitMEX.

In a post on X, Hayes stated that HYPE is currently his primary investment focus. He also set a price target of $150 by August 2026, implying significant upside from current levels.

According to Hayes, Hyperliquid stands out due to its strong revenue generation among decentralized projects. His endorsement appears to have boosted market interest and short-term momentum.

Shiba Inu Derivative Interest Spikes as OI Surges 9%—Possible Price Implications

Elendu Benedict
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Shiba Inu Derivative Interest Spikes as OI Surges 9%—Possible Price Implications

Shiba Inu is receiving increased attention among market speculators, as evidenced by a spike in OI and an increase in futures flows.

Over the past 24 hours, Shiba Inu (SHIB) derivative data has reflected growing interest, as traders increasingly gain indirect exposure to the meme coin to leverage current and future price moves.

Key Points

  • The Shiba Inu open interest (OI) has increased by 9.29% in the past 24 hours to $57.33 million, culminating in 9.08 trillion SHIB tokens.
  • Shiba Inu futures flows also confirm this renewed derivative interest, with inflows standing at $11.52 million and outflows at $10.55 million.
  • A surge in OI reflects more than interest; it reflects positive sentiment among traders, especially when a substantial number of their bets are bullish.
  • Shiba Inu is already benefiting from this, following its over 4% rally in the past 24 hours to reclaim the $0.0000060 price level.
  • While futures data looks good, spot holders are providing new selling pressure.

Shiba Inu OI Surges 9%

The Shiba Inu open interest (OI) has increased by 9.29% in the past 24 hours to $57.33 million, culminating in 9.08 trillion SHIB tokens. The OI improved from $52.24 million yesterday and surpassed the weekly high of $54.22 million on Monday, indicating steady futures growth.

Shiba Inu OI/Coinglass
Shiba Inu OI/Coinglass

Notably, it also marked its largest OI since March 24, when it reached $59.46 million. It further suggests that the earlier caution among traders is waning as the broader market conditions have improved and Shiba Inu has stabilized.

Shiba Inu futures flows also confirm this renewed derivative interest. In the past 24 hours, futures inflows have outpaced outflows, showing a net positive capital movement into SHIB derivatives contracts. 

Inflows stood at $11.52 million and outflows at $10.55 million. The net of $973,700 implies that more futures contracts worth 159.3 billion SHIB were created over the past 24 hours than previously existed.

Shiba Inu Futures Flow/Coinglass
Shiba Inu Futures Flow/Coinglass

Possible Implication for Shiba Inu Price

A surge in OI reflects more than interest; it reflects positive sentiment among traders, especially when a substantial number of their bets are bullish. When large amounts of buying pressure come from the futures market, it is only a matter of time before the price moves upward to reflect the demand.

Shiba Inu is already benefiting from this, following its over 4% rally in the past 24 hours to reclaim the $0.0000060 price level. It also took the token above the 50-day moving average, shifting momentum to the bullish side. If futures flow continues to grow, it could push the token’s price higher.

The price trend further took the 24-hour liquidation up considerably to $103,060. Remarkably, $62,920 of these liquidated positions were long, and $40,150 were short.

A similar liquidation spike occurred in the broader crypto market, with $595 million in positions forcibly closed during this period. But in this case, the majority’s $425 million short liquidation accurately reflected the overall price increase.

Spot Holders Sell Into Strength

While futures data looks good, spot holders are providing new selling pressure. The price increase that should typically reassure them of the asset’s price trajectory seems to be fueling sell-offs and profit-taking.

The Shiba Inu spot flow shows that more of the token has entered exchanges than has left in the past 24 hours, suggesting that holders are moving to platforms where selling is easy. For context, inflows of $7.89 million and outflows of $7.37 million resulted in a net of $522,160 in SHIB entering exchanges over the past day.

Unless holders stop selling into strength, Shiba Inu would struggle to sustain an uptrend. How this behavior changes in the coming days will play a crucial role in shaping the meme coin’s price trajectory.

EasyA Founder Urges XRP Investors: Lock In Now or Clock In Forever

Lele Jima
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EasyA Founder Urges XRP Investors: Lock In Now or Clock In Forever

EasyA co-founder Dom Kwok has urged investors, including XRP holders, to embrace crypto innovation over traditional employment paths. 

In a post on X, Kwok told the investing public to “lock in now or clock in forever,” sparking discussion in the crypto community.

Key Points

  • Dom Kwok urges individuals to “lock in” now or remain stuck in traditional work structures long term.
  • The message promotes a commitment to crypto opportunities, particularly in assets like XRP.
  • XRP trades around $1.39, posting modest gains over the past day.
  • Supporters like Kwok argue that XRP remains significantly undervalued, citing its growing role in cross-border payments as a key driver of future upside.

Lock in Now or Clock in Forever

Kwok’s commentary gained traction among crypto users, who interpreted his “lock in” call as a call to commit to opportunities in the crypto market while they are still relatively early.

By contrast, the phrase “clock in forever” highlights the traditional employment model, particularly the standard nine-to-five structure in which workers must clock in at the start of each workday.

In Kwok’s framing, choosing to “lock in” represents dedicating time and energy to building wealth through crypto assets like XRP rather than remaining tied to conventional job routines.

Focus on XRP

Notably, Kwok has built a reputation among XRP enthusiasts by frequently commenting on the token’s outlook and market performance. As a result, even when he does not explicitly reference XRP, many supporters often interpret his posts through that lens.

Accordingly, supporters viewed the message as encouragement to focus on the asset’s long-term potential. Some proponents believe XRP could create opportunities for financial independence and even early retirement, a goal that has long attracted investors to the cryptocurrency market.

Community Reactions

Many X users who responded to Kwok’s post stated they were “locked in,” signaling their commitment to crypto investing. Others shared personal ambitions to leave traditional jobs to pursue financial independence through crypto.

However, some commenters offered a more balanced perspective. X user @tmactruck07 noted that while he still plans to “clock in,” he hopes to do so on his own terms, perhaps by running his own business rather than working within traditional corporate structures.

Price Spikes 4% to $1.39

Notably, Kwok’s commentary emerged during a period when the crypto market was under pressure from geopolitical tensions. At the time of his post, XRP traded around $1.33, down 63% from its 2025 peak of $3.66. However, the pressure is easing.

Over the past 24 hours, XRP has gained roughly 4.39%, trading at $1.39. The rally reflects a relief rally following a two-week ceasefire agreement between the United States and Iran.

While still trading massively below its peak, proponents argue that the asset remains undervalued given its utility in cross-border payments.

Kwok has previously expressed strong optimism about XRP’s long-term potential, suggesting the token could eventually reach $1,000 by 2030. Critics often dismiss such targets as overambitious, considering the potential market cap.

SBI Ripple Asia Announces Completion of XRPL Token Issuance Platform

Abdulkarim Abdulwahab
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SBI Ripple Asia Announces Completion of XRPL Token Issuance Platform

SBI Ripple Asia has confirmed the completion of its token issuance platform on XRP Ledger (XRPL).

The move marks a new step toward integrating blockchain into regulated financial services.

Key Points

  • SBI Ripple Asia completes XRPL-based token issuance platform for regulated financial services.
  • The platform lets businesses issue and manage tokens on-chain while integrating with existing apps.
  • SBI also secured clearance as a third-party prepaid payment issuer, bridging blockchain with compliant payments.
  • XRPL research with South Korea’s DSRV explores faster, efficient cross-border payments between nations.

Platform Built on XRP Ledger Goes Live

On Tuesday, SBI Ripple Asia revealed that it has finalized the development of a token issuance system powered by the XRP Ledger. The platform allows businesses to issue and manage tokens directly on-chain while connecting to their existing applications through APIs.

This setup enables companies to introduce blockchain-based assets without disrupting their current services or user experience. Customers, in turn, can access and use digital assets seamlessly within platforms they already use.

The system also incorporates proprietary wallet control technology that meets regulatory requirements for financial instruments.

New Regulatory Milestone

Alongside the platform launch, SBI Ripple Asia announced that it completed its registration as a third-party prepaid payment issuer on March 26, 2026.

This approval enables the company to issue tokenized prepaid payment instruments under Japan’s Payment Services Act, bridging blockchain technology with compliant financial products.

Focusing on Real-World Use Cases

Notably, the company outlined plans to deploy the system in real-world environments, particularly in localized economic zones such as tourist destinations. These use cases aim to connect consumer activity with digital incentives, unlocking new payment and loyalty mechanisms.

In other words, SBI Ripple Asia is positioning the XRPL as infrastructure for scalable, real-economy applications.

Looking ahead, the firm plans to deepen collaborations with partner companies and local communities to expand blockchain adoption. The goal is to develop new business models that merge digital assets with traditional financial systems.

The move highlights expanding momentum around XRPL’s role in tokenization as institutions explore compliant ways to bring blockchain-based assets into mainstream use.

SBI Advances XRPL Research for Korea-Japan Payments

Notably, this latest update from SBI comes just weeks after it announced the commencement of joint XRPL research with South Korea’s DSRV to deepen its focus on real-world blockchain use.

Specifically, the collaboration explores how the XRP Ledger can improve remittance flows between Japan and South Korea, focusing on faster and more efficient cross-border payments.

The study seeks to address regulatory alignment, integration with existing payment systems, operational challenges, and long-term use cases, as both countries refine frameworks for blockchain and stablecoins.

If successful, the initiative could strengthen XRP’s role in regional payment corridors amid growing institutional interest in blockchain settlement solutions across Asia.

Shiba Inu is Down 93% from Its All-Time High of $0.0000885 After Nearly 5 Years

Elendu Benedict
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Shiba Inu is Down 93% from Its All-Time High of $0.0000885 After Nearly 5 Years

Shiba Inu, the second-largest meme coin by market cap, has retraced significantly from its peak price of $0.00008854, casting doubts among holders.

Nearly five years ago, when Shiba Inu (SHIB) was going “to the moon,” market participants beamed with enthusiasm. That cannot be said of the meme coin at this time, as it has retraced considerably from its prior highs.

Key Points

  • In October 2021, Shiba Inu surged to an all-time high of $0.00008854.
  • At the time of writing, its price has crashed by 93% from the 2021 peak, now trading at $0.00000613.
  • Currently, most Shiba Inu holders, as with most other cryptocurrencies, are underwater.
  • Although SHIB’s valuation has declined significantly, there are positives indicating a recovery.

Shiba Inu Has Almost Lost All Its Value

In October 2021, Shiba Inu surged to an all-time high of $0.00008854. During this run, its market cap surpassed $54 billion, placing it among the top cryptocurrencies by market cap.

Notably, the explosive move in October 2021 briefly saw it surpass Dogecoin to become the most valuable meme coin. This made its popularity grow even further in the crypto space and captured the bullish mood at the time.

Nearly five years down the line, Shiba Inu looks like a different beast. At the time of writing, its price has crashed by 93% from its 2021 peak, and it is currently trading at $0.00000613. Although it is still up over 600,000% from the price in its early days, per CoinGecko, those who bought around nearly six years ago would have almost nothing at the current price.

Shiba Inu Drops 93% from ATH
Shiba Inu Drops 93% from ATH

Rise to Stardom and Current Decay

The doggy-themed, lighthearted meme coin was created by Ryoshi, a pseudonymous developer inspired by Kabosu. The community-centric token launched with a total supply of 999.9 trillion SHIB, and while dogs were just lovable, this large supply cap saw Shiba Inu struggle.

However, May 2021 was the game-changer. Shiba Inu creators sent 500 trillion SHIB (50% of supply) to Ethereum co-founder Vitalik Buterin. Instead of keeping this large stash, Buterin burned 410 trillion tokens and donated the rest to charity. This effectively wiped out permanently 41% of SHIB’s supply, sending its price surging.

Notably, meme coins have a reputation for being highly speculative assets with short lifespans. Most of them die off over time due to their reliance solely on hype and community support. 

Despite its longevity, SHIB’s valuation has significantly decreased. When the broader crypto sector entered the bear market in 2022, the token fell harder. By June 2023, it had added one more zero, trading at $0.00000543.

Meanwhile, the current cycle has not been favorable to altcoins, most especially meme tokens. While Bitcoin and top coins like Ether, XRP, and BNB made new all-time highs, SHIB topped at $0.00004567, well below its 2021 peak. As the broader market has turned bearish again, it has dropped back to previous cycle lows.

Can Shiba Inu Ever Recover?

Currently, most Shiba Inu holders, as with most other cryptocurrencies, are underwater. But considering it is a meme coin, its path to recovery appears longer, drawing further skepticism from holders.

But there are positives. A recent report points to a steady increase in the number of holders, with between 5,000 and 12,000 wallets added each month. Such a user influx usually precedes an increase in network activity, which, in the long run, considerably impacts prices.

Data confirm consistent growth in this metric, with SHIB holders having nearly doubled from 1.5 million a year ago to 2.93 million today. This shows persistent traction despite a 45.8% price decline during this period.

Shiba Inu Holders/CoinMarketCap
Shiba Inu Holders/CoinMarketCap

Analysts also remain hopeful that Shiba Inu will recover from this price slump. Market watcher MMBTrader projects that there will come a time when the token will start printing massive weekly pumps again, predicting a rally to $0.00007730.

Shiba Inu: Japan’s Rakuten Wallet Lists SHIB for Spot Trading

Lele Jima
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Shiba Inu: Japan’s Rakuten Wallet Lists SHIB for Spot Trading

Shiba Inu is gaining deeper traction in Japan after the country’s fintech giant Rakuten Wallet integrated SHIB into its regulated crypto trading platform. 

The move will allow Japanese users to purchase, sell, and trade Shiba Inu directly through the platform using local currency later this month. As a result, the listing marks another step toward mainstream adoption for SHIB in one of the world’s most tightly regulated cryptocurrency markets. 

Key Points 

  • Shiba Inu has expanded its presence in Japan after securing a listing on Rakuten Wallet. 
  • The platform will enable spot trading for SHIB starting April 15. 
  • SHIB will be listed alongside XRP, Toncoin, Dogecoin, and Stellar later this month. 
  • SHIB previously achieved regulatory recognition when the Japan Virtual and Crypto Assets Exchange Association added the token to Japan’s Green List. 

Shiba Inu Going Live on Rakuten Wallet

Shiba Inu is expanding its presence in Japan after Rakuten Wallet confirmed it will introduce spot trading support for the token on April 15. Once the listing goes live, users will be able to buy and sell SHIB using Japanese yen and swap it with other supported cryptocurrencies on the platform.

In addition to SHIB, Rakuten will list four other digital assets, including Dogecoin, XRP, Stellar, and Toncoin. Although SHIB has already secured listings on several Japanese exchanges, such as Coincheck, SBI VC Trade, OKCoin, and Binance Japan, its integration into Rakuten Wallet represents a major milestone.

Rakuten Wallet operates under Rakuten Group, one of Japan’s largest technology and e-commerce companies. The broader Rakuten ecosystem connects millions of users through online shopping, digital payments, banking, and financial services.

Growing Regulatory Recognition

The development also signals increasing regulatory acceptance and institutional exposure for Shiba Inu. Japan’s crypto market functions under strict regulatory oversight, meaning digital assets typically undergo extensive vetting before exchanges can list them.

Notably, SHIB previously reached an important regulatory milestone when the Japan Virtual and Crypto Assets Exchange Association added the token to Japan’s “Green List”. This classification confirmed SHIB as a vetted asset and placed it alongside established cryptocurrencies such as Bitcoin and Ethereum.

Meanwhile, SHIB’s listing on Rakuten comes as Japan’s Financial Services Agency reviews the country’s crypto-related reforms, particularly the potential reduction of the tax rate for Green List assets from 55% to 20%.

According to Shibizens, the listing coincides with Japan’s institutional access opening and broader initiatives tied to Japan’s ongoing “digital era” strategy.

Notably, the Rakuten Wallet listing strengthens Shiba Inu’s position in one of the most tightly regulated crypto markets, while also expanding its reach to millions of users within the Rakuten digital ecosystem. 

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