China Accuses US of Seizing Over 127,000 BTC
11.11.2025
News / Economy / Analytics
China accuses US of seizing over 127,000 BTC, sparking potential crypto cold war.
The Chinese Computer Virus Emergency Response Center (CVERC) has described the US authorities’ seizure of 127,271 BTC in October as a cyberattack orchestrated by a “state-level hacker group.” This was reported by local media.
CVERC experts noted in a published report that the seized assets were originally stolen from the LuBian mining pool in 2020. At that time, the 127,426 BTC, valued at approximately $3.5 billion, belonged to Chen Zhi, head of Cambodia’s Prince Group.
The hack went largely unnoticed until 2025, when the US Department of Justice charged the entrepreneur with organizing criminal activities “worth billions of dollars.” Consequently, the department seized the bitcoins, which had appreciated to around $15 billion.
CVERC reconstructed the timeline of events and characterized the US authorities’ operation as a typical “thieves’ quarrel.”
Chinese experts believe that the nature of the LuBian hack indicates the use of advanced hacking tools available at the state level. The stolen assets remained dormant for about four years, which does not align with the typical behavior of cybercriminals seeking profit.
Meanwhile, over 1,500 attempts by the LuBian team to discuss the return of the bitcoins for a reward went unanswered.
In the summer of 2024, the stolen assets were moved to new addresses, which the analytical platform Arkham later linked to the US government. The coins then remained inactive again.
CVERC experts, based on blockchain data analysis, assert that the seized funds are not connected to criminal sources, contrary to US authorities’ claims. About 17,800 BTC were mined by LuBian, ~2,300 BTC were pool fees, and approximately 107,100 coins were transferred from exchanges and other legitimate platforms.
The claims by the Chinese state organization could lead to a “crypto cold war” between the US and China, according to Naeem Aslam, Chief Investment Officer at Zaye Capital Markets.
“Since blockchain data confirms transactions but not ownership rights, this confrontation could redefine the sovereignty of digital assets and the legitimacy of law enforcement,” he emphasized.
The Chinese Computer Virus Emergency Response Center (CVERC) has described the US authorities’ seizure of 127,271 BTC in October as a cyberattack orchestrated by a “state-level hacker group.” This was reported by local media.
CVERC experts noted in a published report that the seized assets were originally stolen from the LuBian mining pool in 2020. At that time, the 127,426 BTC, valued at approximately $3.5 billion, belonged to Chen Zhi, head of Cambodia’s Prince Group.
The hack went largely unnoticed until 2025, when the US Department of Justice charged the entrepreneur with organizing criminal activities “worth billions of dollars.” Consequently, the department seized the bitcoins, which had appreciated to around $15 billion.
CVERC reconstructed the timeline of events and characterized the US authorities’ operation as a typical “thieves’ quarrel.”
Chinese experts believe that the nature of the LuBian hack indicates the use of advanced hacking tools available at the state level. The stolen assets remained dormant for about four years, which does not align with the typical behavior of cybercriminals seeking profit.
Meanwhile, over 1,500 attempts by the LuBian team to discuss the return of the bitcoins for a reward went unanswered.
In the summer of 2024, the stolen assets were moved to new addresses, which the analytical platform Arkham later linked to the US government. The coins then remained inactive again.
CVERC experts, based on blockchain data analysis, assert that the seized funds are not connected to criminal sources, contrary to US authorities’ claims. About 17,800 BTC were mined by LuBian, ~2,300 BTC were pool fees, and approximately 107,100 coins were transferred from exchanges and other legitimate platforms.
The claims by the Chinese state organization could lead to a “crypto cold war” between the US and China, according to Naeem Aslam, Chief Investment Officer at Zaye Capital Markets.
“Since blockchain data confirms transactions but not ownership rights, this confrontation could redefine the sovereignty of digital assets and the legitimacy of law enforcement,” he emphasized.
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