China Blames US of stealing $13B worth Bitcoin

China has accused the United States of stealing around 127,000 Bitcoin, worth nearly $13 billion, in what it calls a major digital asset heist tied to a 2020 mining pool hack.

The claim comes from China’s National Computer Virus Emergency Response Center (CVERC), a state cybersecurity watchdog. It released a technical report alleging that the U.S. government seized Bitcoin stolen in the 2020 LuBian mining pool hack.

The report, covered by China’s state-run Global Times, suggests the operation was conducted by a “state-level hacking organization” and hints that the same actors may have later facilitated the U.S. seizure of the stolen funds.

The background

Back in 2020, the LuBian mining pool, one of China’s known Bitcoin mining collectives, was reportedly hacked. The stolen coins were linked to Chen Zhi, chairman of Cambodia’s Prince Group, who was later indicted in the U.S. for allegedly running a crypto fraud scheme.

Those stolen funds sat dormant in the blockchain for almost four years, until mid-2024, when the Bitcoin started to move into new wallets. Blockchain analytics firm Arkham Intelligence then identified the wallets as belonging to the U.S. government.

You can view both wallets on Arkham’s blockchain explorer:

• LuBian Hacker Wallet
  
• U.S. Government Wallet
  

China’s claim

CVERC claims the U.S. seizure wasn’t a legal recovery of stolen funds. Instead, it suggests it may have been part of a larger covert operation linked to the original hackers. The watchdog accused the U.S. of “cyber hegemony” and exploiting its global digital dominance to manipulate investigations involving crypto assets.

The Global Times report framed the incident as another example of the U.S. using its cyber capabilities to advance geopolitical interests, adding that the operation showcased “highly sophisticated hacking tools” typically used in state-level attacks.

The U.S. response

As of now, there has been no public response from the U.S. Department of Justice (DOJ) or the Treasury Department to the accusation.

The U.S. previously indicated that those similar Bitcoin seizures were part of criminal investigations into darknet marketplaces, ransomware groups, and fraud schemes. But at this time, they have not stated that those past cases have any connection to the LuBian hack, nor have they said the opposite. 

Broader implications

This incident adds a new layer of tension between the world’s two biggest economies, especially at a time when both countries are expanding their presence in blockchain and digital asset regulation.

For China, the claim supports its ongoing narrative that the U.S. weaponizes technology for global influence. For Washington, the accusation comes amid rising scrutiny of China’s cyber activity and state-backed hacking operations.

Blockchain analysts caution that while the wallet movements can be traced on-chain, attribution of control remains complex without official documentation or legal filings confirming ownership.

For further reading on how state-sponsored actors are increasingly targeting crypto assets, check out our article on North-Korean cyberattackers deploying malware against crypto professionals: North Korean cyberattackers deploy new malware targeting crypto professionals.

Disclaimer:

This article is based on reports from China’s Global Times and CVERC. The allegations have not been verified independently. The U.S. Department of Justice and Treasury have not issued an official response as of publication. Readers should treat these claims with caution until further confirmation emerges.

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