Overview - The core viewpoint of the report highlights the severe security situation in the Web3 blockchain space in 2025, with total losses reaching $3.375 billion due to hacking, phishing scams, and Rug Pull incidents, with hacking accounting for over 94% of the losses [1][13]. Group 1: Total Losses and Incident Overview - Total losses in 2025 amounted to $3.375 billion, with 313 major security incidents reported [1][13]. - Hacking incidents caused losses of approximately $3.187 billion, representing 94% of total losses [1][13]. - Centralized exchanges (CEX) were particularly affected, suffering $1.765 billion in losses from 9 attacks, which is 52.3% of the total losses [1][25]. - DeFi projects experienced the second-highest losses at $621 million, but were the most frequently attacked with 91 incidents [1][17]. Group 2: Attack Methods and Notable Incidents - The most common attack method was exploiting contract vulnerabilities, with 62 out of 191 incidents (32.46%) attributed to this method, leading to significant losses [2][32]. - The largest single loss was from a supply chain attack on Bybit, resulting in $1.44 billion lost, which accounted for 42.67% of total losses [2][18]. - Notable incidents included: - Cetus Protocol lost $224 million due to a contract vulnerability [2][39]. - Balancer suffered a loss of $116 million from a price calculation error [2][43]. - Stream Finance lost $93 million due to asset misappropriation [2][19]. Group 3: Chain-Specific Losses - Ethereum remained the most affected blockchain, with 170 incidents leading to losses of $2.254 billion, which is 66.79% of total losses [1][29]. - BNB Chain followed with 64 incidents causing approximately $89.82 million in losses [1][31]. - Base and Solana also reported significant incidents, with 20 and 19 incidents respectively [1][31]. Group 4: Future Threats and Recommendations - The report indicates that future threats will include AI-driven phishing attacks, supply chain risks, and physical coercion [2][51]. - It emphasizes the need for a multi-layered defense system that encompasses technology, awareness, and collaboration to mitigate these risks [2][51].

Group 1 - ePlus inc. has experienced noteworthy financial and corporate updates since coverage was initiated in August with a Strong Buy rating [1] - ePlus is characterized as a quiet mid-cap name in the market [1] Group 2 - The article does not provide specific financial metrics or performance data related to ePlus inc. [1]

Core Insights - ePlus inc. has experienced significant financial and corporate updates since coverage was initiated in August with a Strong Buy rating [1] Company Updates - ePlus is characterized as a quiet mid-cap name in the market [1]

Core Viewpoint - New Fire Technology Holdings (01611.HK) reported significant revenue growth for the fiscal year ending September 30, 2025, but also recorded a loss due to various non-operational factors [1][2]. Revenue Performance - The company achieved total revenue of HKD 8.661 billion, representing a year-on-year increase of 451.8% [1]. - Revenue from cryptocurrency OTC trading business was approximately HKD 8.612 billion, up 466.5% year-on-year [1]. Loss Analysis - The company reported a pre-tax loss of approximately HKD 9.637 million, with a loss attributable to shareholders of about HKD 9.212 million [1]. - The loss was primarily driven by three non-operational factors: 1. A non-cash fair value fluctuation resulting in an accounting loss of HKD 36.51 million, which does not involve cash outflow [2]. 2. A high base effect from the previous fiscal year, where a significant impairment reversal of HKD 85 million from FTX debt transfer supported profits, leading to a comparative pressure on this year's performance [2]. 3. Strategic capital expenditures amounting to approximately HKD 112 million, mainly for attracting top global financial talent to build a private banking service barrier [2]. Strategic Focus - The company has positioned the current fiscal year as a "strategic investment year," focusing on systematic investments in human resources, compliance, and product systems to build a competitive moat for the transition to a scale validation phase and global expansion in 2026 [2]. - The acquisition of the licensed Japanese exchange BitTrade was completed, contributing revenue of HKD 360 million during the consolidation period, with BitTrade's asset scale reaching approximately JPY 17.6 billion (around USD 117 million), growing 346.64% compared to 2024 [2]. Business Development - The company appointed former HashKey Group COO, Weng Xiaoqi, as the new CEO, initiating a strategic upgrade to develop a comprehensive private banking service system around six key areas [3]. - As of December 30, the company served over 260 clients, primarily consisting of listed companies, executives, family offices, and ultra-high-net-worth individuals, with over 460 new potential clients expressing interest in opening accounts [3]. - Weng Xiaoqi emphasized that the industry logic has shifted from a pure traffic business to a trust-based business led by elite players, indicating a need for a "super connector" between traditional finance and Web3, with the company aiming to become the first compliant "super connector" in Asia with a global perspective [3].

Core Insights - The global fintech industry is undergoing structural changes driven by AI, blockchain, and Web3, with Hong Kong emerging as a key hub for digital financial innovation in Asia due to its unique advantages [1][10] - Sifang Jingchuang (300468) has submitted an application for an H-share listing on the Hong Kong Stock Exchange, aiming to leverage its experience in digital transformation within the banking sector [1][2] Company Overview - Sifang Jingchuang provides comprehensive fintech solutions to banks, regulatory bodies, and financial institutions in mainland China, Hong Kong, and Southeast Asia, focusing on software development, consulting, and system integration services [2][3] - The company’s core revenue source is fintech software development services, which accounted for over 90% of total revenue, with significant contributions from banking technology services [3][4] Financial Performance - The company reported revenues of 664 million RMB in 2022, 730 million RMB in 2023, and 740 million RMB in 2024, with profits of 41.19 million RMB, 47.38 million RMB, and 67.36 million RMB respectively [3][4] - The fintech software development segment's revenue is projected to reach 625 million RMB in 2024, maintaining a dominant share of total revenue [4][5] Market Growth - The fintech software development service market in mainland China and Hong Kong is expected to grow from 100.3 billion RMB in 2020 to 158.8 billion RMB in 2024, with a compound annual growth rate (CAGR) of 12.2% [7] - Hong Kong's fintech software development market is projected to expand from 9 billion RMB in 2024 to 36.3 billion RMB by 2029, with a CAGR of 32.3% [10][13] Competitive Landscape - Sifang Jingchuang is the largest fintech software development provider in Hong Kong, holding approximately 11% of the market share [13] - The competitive landscape in Hong Kong is fragmented, with the top five providers accounting for 31.9% of the market [13] Strategic Focus - The company plans to use the funds raised from the listing to enhance R&D capabilities, improve delivery capacity, and strengthen sales capabilities in both domestic and global markets [15] - Sifang Jingchuang aims to transition from a leading service provider to a trusted ecosystem builder in the rapidly growing Asian digital finance landscape [15]

Core Viewpoint - BLAQclouds, Inc. is executing a strategic spinout of BLAQclouds Property Group, aimed at unlocking real-asset value and providing shareholders with direct access to income-producing commercial real estate [4][6][11]. Spinout Details - The spinout will allow shareholders to receive shares in BLAQclouds Property Group, with an ex-dividend date set for January 5, 2026, at 4:00 PM Eastern Time [5][13]. - Shareholders will receive one share of BLAQclouds Property Group for every one hundred shares of BLAQclouds, Inc. owned as of the ex-dividend date [13]. Strategic Focus - BLAQclouds Property Group will concentrate on acquiring, owning, and managing brick-and-mortar commercial real estate in high-growth U.S. markets [9]. - The separation of real estate assets from Web3 operations is intended to create clearer investment opportunities for shareholders [6][11]. Ownership and Structure - BLAQclouds will retain a 60% ownership stake in BLAQclouds Property Group, ensuring a continued relationship between the two entities [13]. - BLAQclouds will serve as the Chief Technical and Blockchain Architect for BLAQclouds Property Group, integrating blockchain-based property management systems and other technological solutions [13]. Management and Operations - The spinout allows BLAQclouds Property Group to operate independently while benefiting from BLAQclouds' technology stack [10]. - The structure aims to bridge digital infrastructure with tangible, income-producing real-world assets, enhancing scalability and shareholder focus [11].

Binance said its global user base has exceeded 300 million people with total product trading volume reaching $34 trillion, according to a year-end statement released by co-founders Yi He and Richard Teng. In the letter dated December 31, Binance said roughly one in 27 people worldwide now use the platform, marking huge progress for the cryptocurrency exchange as digital assets continue to move into mainstream finance. The co-founders said 2025 was marked by heightened market volatility, geopolitical ten ...

Core Viewpoint - BLAQclouds, Inc. is planning to spin out its wholly owned subsidiary, BLAQclouds Property Group, which will focus on acquiring and managing income-producing commercial real estate, providing shareholders with direct exposure to real assets [1][8][10]. Spinout Distribution Details - The ex-dividend date for the distribution of shares in BLAQclouds Property Group is set for January 5, 2026, at 4:00 PM Eastern Time [2][6]. - Shareholders will receive one share of BLAQclouds Property Group for every one hundred shares of BLAQclouds, Inc. owned as of the ex-dividend date [6][5]. - Dominion Stock Transfer will act as the transfer agent for the distribution [6]. Strategic Focus of BLAQclouds Property Group - BLAQclouds Property Group will concentrate on the acquisition, ownership, and management of brick-and-mortar commercial real estate in high-growth and strategically selected markets [6][10]. - The spinout aims to create a clearer investment profile for both BLAQclouds and BLAQclouds Property Group, allowing each entity to operate with a focused mandate [10][8]. Ongoing Relationship Between the Companies - Post-spinout, BLAQclouds Property Group will maintain operational independence while benefiting from BLAQclouds' technology stack [9][10]. - BLAQclouds will retain a 60% ownership stake in BLAQclouds Property Group and will serve as the Chief Technical and Blockchain Architect for the properties owned by the group [14]. Company Overview - BLAQclouds, Inc. bridges traditional finance and decentralized ecosystems, focusing on building blockchain applications that simplify commerce and payments [11]. - The company aims to make spending cryptocurrency as easy and trusted as traditional currency [11].

Core Viewpoint - The article emphasizes the importance of compliant consumption-based data assets in driving the digital transformation of real economy enterprises, countering misconceptions that associate data assets with illegal financial activities [2][3]. Group 1: Consumption-Based Data Assets - Consumption-based data assets are aligned with policy guidance and the goal of common prosperity, serving as a basis for equitable distribution [3]. - These assets have evolved from being auxiliary resources to becoming a core engine for deepening customer connections and activating growth [3]. - The compliant nature of consumption-based data assets allows enterprises to break traditional marketing boundaries, facilitating market expansion and customer binding [3]. Group 2: Compliance and Technical Foundation - Compliance is the prerequisite for data asset services to support the real economy, with the company integrating compliance into its technology development and business operations since its inception in 2018 [4]. - The company has developed a comprehensive compliance service system covering the entire lifecycle of data assets, ensuring the legality of asset creation and facilitating efficient circulation through smart contracts and real-time settlement [4]. - Advanced technologies, such as zero-knowledge proofs, are employed to create a secure data protection system, ensuring data is usable but not visible [4]. Group 3: Data Rights Treasure Platform - The Data Rights Treasure platform addresses the pain points of enterprises in digital transformation by providing a full-link, one-stop service [5]. - The platform leverages the company's seven years of industry experience to connect enterprises with high-value consumer groups, reducing market cultivation cycles [5][6]. - A robust compliance risk control system ensures the safe circulation of data assets, supported by a well-established network of blockchain ecosystem partners [6]. Group 4: Practical Empowerment - The platform disrupts traditional business models by enabling enterprises to regain control over user data and traffic, transforming public domain traffic into private assets [7]. - New commercial tools, such as rights points and digital assets, enhance user engagement and reduce marketing costs, activating dormant assets and improving liquidity [7]. - Consumers are transformed into value co-creators, sharing in the benefits of enterprise growth through a mechanism that aligns contributions with rewards [7]. Group 5: Social Value and Economic Impact - The platform contributes to domestic demand growth and equitable distribution, driving consumption upgrades and promoting common prosperity [8]. - A mechanism that rewards consumers for their contributions effectively activates consumption potential, creating a positive feedback loop [8]. - By decentralizing value distribution, the platform enables enterprises to invest more in innovation and user rewards, fostering a win-win scenario for both businesses and consumers [8]. Group 6: Future Outlook - The company is committed to maintaining compliance while integrating blockchain technology into real enterprise operations, aiming to build a safe and efficient Web3 ecosystem [9]. - The focus remains on using consumption-based data assets as a new engine for high-quality development in the real economy [9].

（来源：吴说） 作者：ETHPanda Tomasz： 大家好，我是 Tomasz。今年三月，我加入了以太坊基金会，担任联合执行董事，与 Hsiao-Wei Wang 共 同履职。在这之前的八年里，我一直在运营一家名为 Nethermind 的公司 —— 这家公司是我 2017 年创 立的，专注于以太坊的核心开发与基础设施建设。最初我直接投身工程实践，主导开发了以太坊客户端 Nethermind，如今全球约 25% 到 30% 的以太坊主网节点都在运行这款客户端软件，这是我们一直以来 引以为傲的成就，而且这种领先地位已经保持了很长时间。 在进入区块链领域之前，我深耕传统金融行业：曾任职于花旗银行伦敦分行的外汇技术部门，之后还在 伦敦一家名为 Roko's Capital 的对冲基金工作了一年多。加入以太坊基金会后的这六个月，我的核心工 作是在不破坏现有良好运作体系的前提下推动变革。这些年在以太坊生态中，我积累了许多故事 —— 既有来自 Nethermind 的创业经历，也有基金会的工作感悟。从 Nethermind 来看，我们多年来为生态输 送了大量人才：过去三四年间，先后有近 600 人通过实习等方式加入过 ...