In a complaint dated February 27, Dominion alleged that BlockFills misappropriated and unlawfully retained millions of dollars' worth of customer crypto assets, commingled client assets and concealed heavy losses. Dominion claimed BlockFills concealed the misuse of customer funds and refused to return the company's assets after suspending withdrawals in February. The court also ordered Blockfills, which is backed by trading giant Susquehanna, to account for and segregate customer funds, including Dominion's bitcoin, pending a hearing on a possible preliminary injunction. CoinDesk reported last month that the crypto lender had incurred losses of around $75 million during the recent market downturn, and was looking for a buyer or emergency funding It's commonly used in legal disputes involving money, assets or financial activity to prevent immediate harm. Dominion Capital is a New York-based private investment firm and family office that invests across private equity, structured finance and digital assets, including backing bitcoin mining companies such as Bitfarms (BITF). CoinDesk subsequently learned that the crypto lender had incurred losses of around $75 million in the recent market downturn and was seeking a buyer or emergency funding. CoinDesk also reported that Nicholas Hammer, co-founder and CEO of Blockfills, has stepped down from his leadership role. Blockfills said it processed over $60 billion in trading volume in 2025, a 28% increase from the prior year, and is among the more active institutional crypto lending and borrowing desks. It serves about 2,000 institutional clients, including hedge funds, asset managers and mining firms. "The company is now hurtling towards bankruptcy," according to insolvency professional Thomas Braziel, founder of 117 Partners. “After something like this, no serious institution is touching the platform," Braziel said. Read more: Blockfills co-founder and CEO Nicholas Hammer has stepped down CoinDesk Research looks into how Pudgy Penguins disrupts traditional toys market via a phygital model. With 2M+ units sold, they scale via global partnerships and events. John “Lick” Daghita was arrested in a joint FBI-France operation after allegations he siphoned tens of millions of dollars in crypto from government seizure wallets managed by his father's company. Disclosure & Polices: CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of Bullish (NYSE:BLSH), an institutionally focused global digital asset platform that provides market infrastructure and information services.

But even excluding sanctioned activity, 2025 would still mark a record year for illicit on-chain transactions as criminal activity rose across most categories, Chainalysis said. Chainalysis says sanctioned jurisdictions increasingly use digital assets to bypass financial restrictions and move funds globally. Russia, for example, launched a ruble-backed token called A7A5, which transacted over $93 billion in less than a year and was used to facilitate sanctions evasion. Together, these trends signal a shift in the crypto crime landscape from isolated cybercriminals to state-aligned financial ecosystems operating on-chain. Stablecoins have become the primary vehicle for illicit crypto activity. According to Chainalysis, 84% of illicit crypto transaction volume now involves stablecoins, reflecting their growing role across the broader crypto economy due to their price stability and cross-border usability. Another key finding is the rise of Chinese-language money laundering networks (CMLNs), which have emerged as a central hub in the global crypto crime ecosystem. These networks provide “laundering-as-a-service” infrastructure, processing funds from scams, hacks, and sanctions-related activity. The networks operate through a variety of mechanisms—including money mule networks, informal over-the-counter brokers, gambling platforms, and discounted “Black U” markets for illicit stablecoins—often coordinating activity through Telegram marketplaces. Chainalysis estimates scammers received at least $14 billion in crypto in 2025, with the figure potentially exceeding $17 billion as additional illicit addresses are identified. Impersonation scams surged the fastest, rising more than 1,400% year over year, as criminals increasingly use AI tools and phishing-as-a-service infrastructure to scale attacks. These operations have become highly professionalized, with separate vendors providing phishing kits, victim databases, messaging tools, and laundering services. Taken together, the findings point to a crypto crime landscape that is becoming more structured and industrialized. State actors, organized crime groups, and specialized service providers now operate large-scale on-chain infrastructure, offering everything from laundering services to cyberattack tools. While blockchain transparency still allows investigators to trace many of these activities, Chainalysis warns that the increasing intersection of geopolitics, cybercrime, and crypto finance raises the stakes for regulators and law enforcement. “On-chain illicit activity is increasingly interwoven with sophisticated, state-aligned ecosystems that exploit crypto's global reach,” the report notes, highlighting how crypto is reshaping the financial infrastructure used by both criminals and sanctioned states Know what matters in Crypto and Web3 with The Defiant Daily newsletter, Mon to Fri

An estimated 38% of altcoins are now hovering near all-time lows, which is worse than the post-FTX market crash, according to CryptoQuant analyst Darkfost. Examples of altcoins, cryptocurrency that typically serves as an alternative to Bitcoin BTCUSD, include Cardano's ADA (ADA), which is hovering at about $0.10 above its all-time low of $0.17. Polkadot DOTUSD reached an all-time low of $1.13 in February, but is now up 33% from there, and Polygon MATICUSD is trading at about $0.02 off its all-time low of $0.08. Daily trading volume reached a high of over $417 billion on Oct. 10, the day of the historic crypto market crash, according to data from CoinMarketCap. Related: $209B exited altcoins over the last 13 months: Did traders rotate into Bitcoin? The analysis comes as mentions of altcoins on social media platforms dropped to two-year lows, according to crypto market sentiment analysis platform Santiment. “Altcoins are suffering from a ‘liquidity drain,' where even minor shifts in sentiment trigger outsized sell-offs,” Jimmy Xue, co-founder of liquidity platform Axis, said in a message shared with Cointelegraph. Analysts have cited several reasons for the decline in altcoins, including too many tokens competing for limited investor capital, and the launch of BTC exchange-traded funds (ETFs), altering market dynamics by trapping liquidity in traditional financial vehicles. There are more than 36.8 million different crypto tokens listed on CoinMarketCap at the time of this writing. Magazine: Brandt says Bitcoin yet to bottom, Polymarket sees hope: Trade Secrets CUSIP Database provided by FactSet Research Systems Inc. All rights reserved.

Dubai, UAE, March 05, 2026 (GLOBE NEWSWIRE) -- Pepeto confirmed this week that the cross chain bridge connecting Ethereum, BNB Chain, and Solana is approaching its final testing phase, bringing the full exchange closer to launch than at any point since development began. The bridge is designed to move assets between the three largest trading ecosystems in crypto without fees, and the team stated that internal testing on transaction speed and security validation is progressing ahead of schedule. That development push is landing at the exact moment every bitcoin price prediction on the market is turning aggressively bullish, with Arthur Hayes projecting $250,000 by year end and $500,000 to $750,000 by 2027, and $1.4 billion flooding into spot Bitcoin ETFs over five days confirming that institutional capital is already positioning for what comes next. When exchange infrastructure reaches this stage of development during a market recovery, the window between now and listing is where the biggest early positions get locked in. Crypto News: Pepeto Bridge Development Accelerates While Bitcoin Price Prediction Targets $750,000 Fortune reported that Bitcoin surged past $73,000 in its strongest session since January, with $110 million in short positions liquidated in a chain reaction that cleared every resistance level holding prices down for months. Pepeto Bridge Nears Completion as Exchange Infrastructure Takes Shape Ahead of Listing The bridge approaching final testing is one piece of a larger exchange ecosystem that Pepeto has been constructing since the presale began. The full platform is designed to bring cross chain swapping, asset bridging, and zero fee transfers into one verified system where every cryptocurrency trades under a single roof, not just meme tokens, which means the market it serves covers the entire crypto industry. The reason that matters right now is that traders lose money every single day not from picking the wrong tokens but from platforms that overcharge on every swap, break under volume, and force them to manage positions across five different apps that were never built to work together. The Pepeto exchange eliminates that friction by putting bridging, trading, risk scoring, and portfolio management into one interface, and the bridge entering its final testing phase means the most complex piece of that infrastructure is approaching readiness. Over $7.5 million has flowed into the presale during one of the most volatile stretches the market has seen in months, and that capital came from wallets that understand what most people will only recognize after the listing permanently reprices everything. A SolidProof audit backs every smart contract, a Pepe ecosystem cofounder who already scaled a token past $7 billion leads the development, and 209% APY staking compounds every holder's position daily while the exchange launch draws closer. The presale conviction at this stage tells you something important, because serious capital does not flow at this pace into projects that are still guessing about their product. Altcoin Season Approaches The bitcoin price prediction upgrades keep coming as BTC clears $73,000, and the recovery signals stacking this week suggest the altcoin wave that historically follows Bitcoin breakouts is closer than most people realize. But even the most aggressive bitcoin price prediction only delivers another 2x to 3x from here for BTC holders, and for anyone searching for the kind of returns that actually reshape a portfolio this cycle, the real math sits in an exchange presale approaching launch at a price that permanently disappears the moment listings begin. Final Takeaway Every bitcoin price prediction from every serious voice in the industry points higher, and when that rally fully arrives the listing reprices Pepeto permanently so the entry available today simply ceases to exist. Allocations fill faster with each passing week while 209% APY staking compounds in your wallet right now, and the crypto news cycle has barely started covering what happens once the exchange goes live and real trading volume flows through the platform. Visit the Pepeto official website and lock in your position before this stage closes and the price you see today becomes the one you wish you had acted on. The latest bitcoin price prediction from Hayes projects $250,000 by end of 2026 and $500,000 to $750,000 by 2027, while Saylor targets $150,000 and $1.4 billion in ETF inflows confirm institutional conviction. Why is Pepeto the leading crypto presale right now?

AI advancements are set to revolutionize crypto security, potentially eliminating critical vulnerabilities in smart contracts. Alpin Yukseloglu is an Investment and Research Partner at Paradigm, a research-driven crypto venture firm with over $12.7 billion in assets under management. Previously, he served as a protocol engineer and product lead at Osmosis, bringing deep technical expertise in blockchain systems. He co-authored the EVMbench benchmark with OpenAI, an evaluation framework that measures how AI agents detect, patch, and exploit smart contract vulnerabilities—work that revealed AI's capability to identify over 70% of critical fund-draining bugs. AI advancements are set to revolutionize crypto security, potentially eliminating critical vulnerabilities in smart contracts. Alpin Yukseloglu is an Investment and Research Partner at Paradigm, a research-driven crypto venture firm with over $12.7 billion in assets under management. Previously, he served as a protocol engineer and product lead at Osmosis, bringing deep technical expertise in blockchain systems. He co-authored the EVMbench benchmark with OpenAI, an evaluation framework that measures how AI agents detect, patch, and exploit smart contract vulnerabilities—work that revealed AI's capability to identify over 70% of critical fund-draining bugs. Sign in to your account Already have an account?

It's now trading at close to $108 — a 39% rise over the past 24 hours. They are up just under 7% and 2.5% respectively in the same week. ICE's NYSE-listed stock rose on the news too. In a joint statement Thursday, OKX and ICE announced they were working together on a deal that values the cryptocurrency exchange at $25 billion. “Our strategic relationship with OKX will expand global retail access to ICE's pre-eminent regulated markets and accelerate our plans to offer on-chain infrastructure and tokenized assets to US investors,” Jeffrey C. Sprecher, ICE chair and CEO, said in a statement. OKX CEO and co-founder, Star Xu, added that the deal will help “build a more reliable market structure that bridges digital assets and equities, strengthens cross-market price formation, and meets institutional standards for risk and compliance.” ICE will get a seat on OKX's board and will license the exchange's spot crypto prices, as well as debuting regulated futures contracts. OKX last year pleaded guilty to violating US money laundering laws. Aux Cayes FinTech Co. Ltd, which operates the exchange, settled with the US Department of Justice by paying over $500 million worth of penalties for serving American customers without a money transmitter license. ICE last year said it was investing up to $2 billion in crypto-powered prediction market, Polymarket, in a deal to become the platform's global data distributor.

This hybrid event brings together industry leaders, policymakers, central bankers, regulators, fintech innovators, and technology providers to shape the future of digital finance. It explores topics from Central Bank Digital Currencies (CBDCs) and stablecoins to commercial bank money tokens (CBMTs) and real-world infrastructure implementations. DEC26 features thought-provoking discussions with leading voices across finance, technology, and policy — covering adoption, interoperability, privacy, infrastructure, and Europe's evolving digital money stack. Whether you're focused on CBDCs, stablecoin regulation, tokenization, or next-generation payment technologies, DEC26 offers valuable insights, strategic connections, and forward-looking perspectives. DEC26 will explore some of the most pressing issues in digital finance, featuring inspiring sessions across three dedicated tracks: Main Stage, Innovation Room, and Roundtable Room. You can access the full agenda by clicking here! We are proud to welcome an exceptional lineup of speakers, including: These distinguished experts will give attendees critical insights into the evolving digital finance ecosystem. DEC26 is made possible thanks to the support of our esteemed sponsors: Don't miss your chance to be part of this pivotal event. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.

CMC Markets has begun using blockchain technology to transfer cash and settle payments instantly through a collaboration with Kinexys Digital Payments, part of J.P.Morgan's blockchain business unit. The system is live following successful testing and allows near real-time settlement through a network of Blockchain Deposit Accounts. The move follows J.P.Morgan's launch of JPMCoin last year, a blockchain-based deposit token for institutional clients. The token enables transactions to settle in seconds, 24/7, rather than during traditional banking hours, and is issued on the public blockchain Base via Kinexys infrastructure. Lord Peter Cruddas, Founder and CEO of CMC Markets, said the company is seeing “enhanced capital efficiency and operational flexibility” from the collaboration. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. In the United States, the settlement date for marketable stocks is usually 2 Read this Term risk, operational friction, and costs while maintaining security levels similar to traditional payment rails. The initiative supports CMC's strategy to enhance its global technology infrastructure and improve capital efficiency across international operations. Most commonl Read this Term, said the team is working with clients to “unlock the power of 24/7/365 on chain settlement and programmable payments.” The CMC Markets rollout follows broader Kinexys activity at JPMorgan. In May last year, the bank completed its first blockchain transaction connecting private and public networks. The deal involved tokenized U.S. Treasuries, with funds moved on Kinexys to settle treasuries listed on a public blockchain run by Ondo Finance. Chainlink was used to link the private and public systems. Previously, JPMorgan's blockchain work was limited to internal networks, with earlier trials, such as a 2024 pilot with Siemens, remaining experimental. Tokenized treasuries are blockchain-based versions of money market funds providing exposure to government debt. CMC Markets has begun using blockchain technology to transfer cash and settle payments instantly through a collaboration with Kinexys Digital Payments, part of J.P.Morgan's blockchain business unit. The system is live following successful testing and allows near real-time settlement through a network of Blockchain Deposit Accounts. The move follows J.P.Morgan's launch of JPMCoin last year, a blockchain-based deposit token for institutional clients. The token enables transactions to settle in seconds, 24/7, rather than during traditional banking hours, and is issued on the public blockchain Base via Kinexys infrastructure. Lord Peter Cruddas, Founder and CEO of CMC Markets, said the company is seeing “enhanced capital efficiency and operational flexibility” from the collaboration. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. In the United States, the settlement date for marketable stocks is usually 2 Read this Term risk, operational friction, and costs while maintaining security levels similar to traditional payment rails. The initiative supports CMC's strategy to enhance its global technology infrastructure and improve capital efficiency across international operations. Most commonl Read this Term, said the team is working with clients to “unlock the power of 24/7/365 on chain settlement and programmable payments.” The CMC Markets rollout follows broader Kinexys activity at JPMorgan. In May last year, the bank completed its first blockchain transaction connecting private and public networks. The deal involved tokenized U.S. Treasuries, with funds moved on Kinexys to settle treasuries listed on a public blockchain run by Ondo Finance. Chainlink was used to link the private and public systems. Previously, JPMorgan's blockchain work was limited to internal networks, with earlier trials, such as a 2024 pilot with Siemens, remaining experimental. Tokenized treasuries are blockchain-based versions of money market funds providing exposure to government debt. Get all the top financial news delivered straight to your inbox. By subscribing, you agree to our Terms of Use and Privacy Policy. Finance Magnates is a global B2B provider of multi-asset trading news, research and events with special focus on electronic trading, banking, and investing. Copyright © 2026 "Finance Magnates CY Ltd." All rights reserved.For more information, read our

What was supposed to be a 30-minute chat turned into a four-hour marathon conversation, recalled Rafique, the global managing partner of corporate affairs at OKX, one of the world's largest crypto exchanges. Intercontinental Exchange, the publicly-traded parent of the New York Stock Exchange, has invested in OKX at a $25 billion valuation and will take a seat on OKX's board, the two firms announced on Thursday. “There was great chemistry in how we looked at the world and the future of tokenized securities, how derivatives should make it to the global stage, how TradFi [and] digital assets should merge together,” said Rafique, referring to his initial sit down with Jeffrey Sprecher, the chairman of Intercontinental Exchange. The tie-up isn't a pure venture play. But even more significantly, OKX will let its users trade tokenized stocks and derivatives listed on the New York Stock Exchange in a feature likely to launch in the latter half of 2026. Tokenization refers to the process of taking financial assets and putting them into blockchain wrappers, which proponents say can reduce transaction fees, among other benefits. “This is not just a very casual investment,” said Rafique. And in January, Intercontinental Exchange announced that it was developing its own blockchain-based trading infrastructure for tokenized securities. The trading giant also isn't the only veteran financial company to make a bet on a crypto firm as trading habits shift. In November, the market maker Citadel Securities invested $200 million into Kraken in a deal that valued the digital assets exchange at $20 billion. They might look like DeFi protocols or super apps,” said Michael Blaugrund, the vice president of strategic initiatives at Intercontinental Exchange, referring to the likes of Robinhood and Uniswap, the DeFi platform that recently announced a tie-up with BlackRock. In an interview, Blaugrund declined to give more specifics on how his company was building a blockchain-based trading platform. That initiative and the plan to let OKX users trade tokenized stocks are “complementary projects, but they're not a single project,” he said. For OKX, the partnership with Intercontinental Exchange is part of the company's push to refashion its image from an offshore exchange in East Asia into a global trading hub that plays by the rules in the U.S.—especially as its competitor Binance has come under recent fire for its compliance program. In April, OKX relaunched in the States two months after it reached a $500 million settlement with the Department of Justice in which it pleaded guilty to one count of operating an unlicensed money transmitting business. ”Especially to support this product, I think we would absolutely invest a lot in the U.S.,” he said, referring to the plan to let OKX users trade tokenized stocks and other assets from Intercontinental Exchange on its platform. “And my aspiration is that maybe there's a much bigger relationship.” Ben WeissX: @bdanweissEmail: benjamin.weiss@fortune.comSubmit a deal for the Term Sheet newsletter here. Correction, March 5, 2026: Clarified Jeffrey Sprecher's role in connection to the New York Stock Exchange. Joey Abrams curated the deals section of today's newsletter. - Crossover Markets, a New York City-based digital asset trading technology firm, raised $31 million in Series B funding. Tradeweb Markets led the round and was joined by DRW Venture Capital, Ripple, Virtu Financial, Wintermute Ventures, and others. - Photoncycle, an Oslo, Norway-based energy storage company, raised $17 million in funding from NordicNinja and Voima Ventures. - UnityAI, a Nashville, Tenn.-based developer of an autonomous platform designed for health care operations, raised $8.5 million in Series A funding. Third Prime led the round and was joined by Nashville Capital Network, Whistler Capital Partners, Max Ventures, Company Ventures, and existing investors. - AgriPass, a Tel Aviv, Israel-based developer of AI-powered sustainable agriculture tools, raised $7.5 million in seed funding. - Artemis, a Houston, Texas-based AI platform designed to help solar and home energy contractors design, sell, and finance projects, raised $6 million in funding. - Diligent AI, a London, U.K.-based developer of AI agents designed to automate risk and compliance workflows for fintechs and banks, raised $2.5 million in seed funding. - TPG invested approximately $250 million in Findhelp, an Austin, Texas-based social care technology platform. - Royal Cup, a portfolio company of Braemont Capital, agreed to acquire Farmer Brothers Coffee Co., a Fort Worth, Texas-based coffee roaster, wholesaler, and distributor, for $1.29 per share. - Enverus, backed by Blackstone, agreed to acquire Spatial Business Systems, a Littleton, Colo.-based AI-powered design automation platform designed for electric and gas utilities, telecommunications providers, and engineering teams. - Southern Home Services, a portfolio company of Gryphon Investors, acquired Dunn's HVAC, Plumbing & Electrical, an Anniston, Ala.-based provider of heating, cooling, plumbing, and electrical services. Ben Weiss is a crypto reporter at Fortune. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.

The Information Commissioner's Office (ICO) has announced a new monitoring programme examining 10 popular mobile games to assess how well they protect children's personal data. With around 90% of UK children playing games on digital devices, the regulator is extending its Children's Code work into the mobile gaming sector, which it considers potentially “especially intrusive” for young users. This follows progress the ICO has already secured across social media and video sharing platforms. Recent ICO research shows high parental concern around data collection, exposure to strangers, and ad targeting in mobile games - reinforcing the regulator's intervention Mobile game developers, publishers and ad tech partners should expect scrutiny. Geolocation remains high risk: Location tracking functions require clear justification, strong controls and transparency. Age assurance remains a priority: The ICO expects proportionate and effective measures where platforms are likely to be accessed by under 18s. Enforcement is active: Recent investigations and penalty notices show the ICO's willingness to act. The ICO's initiative signals a continued tightening of expectations around children's online privacy. Mobile gaming - often overlooked compared to social platforms - is now a regulatory priority. Overall, organisations that proactively adopt child friendly design, strong privacy defaults and transparent data practices will be best placed to meet the ICO's expectations and manage regulatory risk. Specialist legal advice should be sought in relation to any queries that may arise. For general enquiries, please complete this form and we will direct your message to the most appropriate person. For general enquiries, please complete this form and we will direct your message to the most appropriate person.

There is a clear expectation that platforms popular with children will demonstrate end-to-end accountability by mapping child journeys, evidencing proportional age-assurance measures and aligning content safety controls with UK GDPR duties, OSA and DSA obligations". The ICO certainly agrees and has kicked off 2026 with a clear message to online platforms: get your house in order when it comes to children's data, or face the consequences. First there was the MediaLab fine earlier this month – for more information see The ICO steps up on protecting children online – and now on 24 February 2026, the ICO announced a £14.47 million fine against Reddit for failing to protect children's personal information. Despite Reddit's policy prohibiting users under the age of 13 from accessing its platform, the company failed to implement any age verification measures until July 2025. Even when measures were finally introduced, Reddit relied on self-declaration age assurance, when accessing mature content, during the account creation process. The ICO had warned Reddit that self-declaration is "easy to bypass" leaving children at risk. Children were potentially exposed to inappropriate content, and the ICO was not impressed. The ICO signalled that platforms must do better and urged the wider industry to reflect on their age‑assurance practices and make necessary improvements as a matter of urgency. Information Commissioner John Edwards made his position crystal clear: simply asking users to declare their own age is not good enough. The ICO is now actively monitoring platforms that rely primarily on self-declaration methods. This fine is part of a broader push under the ICO's Children's Code strategy, which reported "strong progress" in December 2025. The regulator is clearly willing to use its enforcement powers where platforms fall short. Self-declaration alone is unlikely to cut it where children may be at risk. With two significant fines in quick succession and the ICO promising continued focus in this area, 2026 looks set to be the year of children's data protection enforcement. Children under 13 had their personal information collected and used in ways they could not understand, consent to or control. That left them potentially exposed to content they should not have seen. This is unacceptable and has resulted in today's fine. To do this, they need to be confident they know the age of their users and have appropriate, effective age assurance measures in place. Specialist advice should be sought about your specific circumstances.

China has focused on tackling core underlying technologies in the field of blockchain, making breakthroughs that have led to the creation of a trusted digital infrastructure with a "Chinese core," said Dong Jin, a deputy to the 14th National People's Congress and director of the Beijing Academy of Blockchain and Edge Computing (BAEC), on Thursday. China has built a national-level homegrown blockchain network that functions as a "trusted digital Great Wall," powered by the world's first 96-core accelerator chip designed specifically for blockchain to boost performance by up to 50 times, according to Dong. That year, BAEC was established to focus on fundamental research in frontier digital technologies, particularly blockchain. Dong said BAEC has since developed the world's first software-hardware integrated blockchain operating system. Its 3 million lines of code have been made open-source and are available for free public use, greatly expanding the technology's social impact. The team also developed the world's first 96-core accelerator chip designed specifically for blockchain, which improves performance by up to 50 times and addresses computing bottlenecks in large-scale networks. The domestically developed blockchain system is now used by 16 central government departments and 27 centrally administered state-owned enterprises, according to Dong. In the tax sector, hundreds of millions of digital invoices are now processed annually on China's own blockchain network, ensuring traceability and authenticity. In cross-border trade, the system connects critical data across industries and regions, dramatically improving customs clearance efficiency. In global payments, the technology has been integrated with the central bank's digital renminbi to create a new channel for cross-border transactions, Dong said.