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China is pushing ahead with plans to largely complete a nationwide blockchain network by 2030, placing the technology at the center of its digital development strategy. The proposed infrastructure will connect a central backbone with regional hubs to support trade, logistics, manufacturing, and government services. However, the initiative does not signal a shift in China’s cryptocurrency policy, as crypto trading remains banned in mainland China.

The roadmap outlines regional priorities, including blockchain applications for finance, smart logistics, and manufacturing. It also emphasizes privacy-preserving technology, stronger cryptography, and the digital yuan as part of broader digital modernization efforts.

The plan highlights China’s approach of expanding blockchain adoption while restricting cryptocurrency trading. As governments compete to build digital infrastructure, the initiative could shape how blockchain is used across industries in the coming years. Here’s what you need to know from today’s crypto market.☕

What we’ve covered for you today:

Initia has suspended its layer-1 blockchain and connected rollups following a security exploit that reportedly allowed an attacker to move approximately $2.6 million in crypto assets. The incident, reported on October 23, involved unauthorized token minting, prompting the team to halt network operations while security experts, validators, and exchanges investigate the damage. The exact losses have not yet been officially confirmed.

Preliminary findings point to a vulnerability in Initia’s MoveVM implementation that allegedly enabled the creation of tokens without sufficient backing. The attacker reportedly transferred assets including AUSD, ETH, and USDC to Ethereum, with around 1,135 ETH later consolidated in a wallet. Initia’s co-founder said the issue did not affect the network’s native INIT token.

The investigation remains ongoing, and no confirmed restart timeline has been announced. The incident highlights the risks of cross-chain infrastructure, where a vulnerability in one network can potentially expose assets across connected bridges and ecosystems. Users have been urged to rely on official updates and avoid suspicious links or unverified recovery claims. Here’s what you need to know from today’s crypto market.☕

JPMorgan’s JPM Coin has recorded zero supply and zero transfers on Ethereum, according to blockchain analytics firm Sentora, just days after the bank announced its launch on the network. The deposit token, designed for approved institutional clients, represents U.S. dollar deposits held at JPMorgan and aims to support onchain payments and settlement. The findings highlight a gap between launching blockchain infrastructure and demonstrating actual onchain activity.

Sentora also reported around $1 million in JPM Coin supply on Base, unchanged since November 2025. Meanwhile, JPMorgan’s tokenized money market fund JLTXX recorded $400 million in Ethereum redemptions as its Solana deployment reached $450 million. However, the figures do not confirm that the same investors moved funds between the two networks.

The developments highlight both the potential and challenges of institutional tokenization, as major financial firms expand blockchain services while adoption remains difficult to measure. Whether JPM Coin gains meaningful onchain activity and tokenized funds attract sustained demand across networks will be important signals to watch. Here’s what you need to know from today’s crypto market.☕

Binance founder Changpeng Zhao, known as CZ, has warned that artificial intelligence could make crypto scams more dangerous without breaking Bitcoin’s encryption. He argues that leaked personal information gives criminals the tools to create convincing phishing campaigns and impersonate trusted people or companies. The warning shifts attention from theoretical cryptographic threats to security risks users already face.

AI can help scammers produce realistic messages, fake websites, and convincing identities at scale, making fraudulent requests harder to recognize. Previous data breaches have also exposed customer information that criminals can use to target crypto holders, even when private keys and login credentials remain secure. As a result, owning a hardware wallet alone does not eliminate the risk of being tricked into revealing recovery phrases or transferring funds.

CZ’s warning highlights why protecting personal information and verifying suspicious requests are becoming increasingly important. Users should never share wallet recovery phrases, click unverified links, or trust urgent messages without independently confirming the source. As AI tools become more sophisticated, stronger security habits may be just as important as the cryptography protecting digital assets. Here’s what you need to know from today’s crypto market.☕

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Several major U.S. companies are pushing back against plans by crypto exchange OKX and Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, to offer tokenized versions of their shares. The objections initially involved nine companies, including Broadcom, Verizon and UnitedHealth Group, with concerns surrounding pricing, liquidity, volatility and the risks of shares

The US Internal Revenue Service (IRS) is preparing to reduce penalties and speed up its voluntary tax disclosure program, including for cryptocurrency-related violations, according to Forbes. IRS Criminal Investigation Chief Jarod Koopman said the revised program could launch before December 2026, with a target of resolving cases within 120 days after taxpayers complete the required submissions.

Initia halted its layer-1 blockchain and associated rollups on October 23 after a reported exploit allowed an attacker to mint unauthorized tokens and drain approximately $2.7 million in real crypto assets. According to blockchain security researchers, the attacker exploited a vulnerability in Initia’s MoveVM implementation to create unbacked tokens and transfer assets, including USDC, AUSD and Ether

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