DigitalX faces scrutiny over private RLUSD VIP event and trading volume surge

DigitalX (formerly Korbit) is facing scrutiny following a private VIP trading event for Ripple’s stablecoin, RLUSD. The event, which offered rewards of approximately 30 million won based on trading volume, was conducted through individual contact with VIP clients rather than through general public announcements. This occurred on July 22, the same day Mirae Asset Group completed its acquisition of Korbit management rights.

Controversy has intensified due to DigitalX’s decision to implement zero-fee trading for the KRW market starting August 24. Following this policy change, RLUSD daily trading volume surged from an average of 4.3 billion won to 301.9 billion won, a nearly 70-fold increase. Critics suggest the combination of zero fees and the VIP reward structure may have incentivized artificial volume inflation through repetitive trading.

Separately, market data indicates that the total supply of RLUSD has reached approximately $2.37 billion as of August 31. Current tracking shows that the supply on the Ethereum network (55.8%) has surpassed the amount held on the XRP Ledger (44.2%). This expansion aligns with Ripple’s institutional infrastructure strategy, positioning RLUSD for use in payments, remittances, and decentralized finance (DeFi) liquidity management.