China Accuses U.S. of Stealing $13B in Bitcoin from LuBian Crypto Miner
The China National Computer Virus Emergency Response Center (CVERC), Beijing’s leading cybersecurity agency, has accused the United States of seizing 127,272 Bitcoin — worth more than $13 billion USD today — in a December 2020 cyberattack.
According to a report by Nikkei Asia, the CVERC detailed the alleged hack in a statement on its official WeChat account, claiming that the stolen Bitcoin originated from LuBian, one of the world’s largest cryptocurrency mining operations at the time. The amount, the agency says, corresponds exactly to what the U.S. Department of Justice (DOJ) previously stated it confiscated from Chen Zhi, a Cambodian businessman.
Allegations Link Hack to U.S. Government
The CVERC alleged that the 2020 cyber operation was not the work of ordinary hackers but “a precise operation orchestrated by a national hacking organization.” Beijing’s claims suggest that Washington targeted LuBian’s Bitcoin holdings under the pretext of criminal asset seizures related to Chen Zhi’s ongoing fraud cases.
Zhi and his conglomerate, Prince Group, have faced multiple international crackdowns for allegedly running scam call centers across Cambodia. Authorities in Singapore, Hong Kong, and Taiwan have frozen more than $500 million in assets and arrested at least 25 individuals connected to the case.
Although the hack occurred in 2020, the Bitcoin remained inactive for four years until 2024, when the U.S. reportedly moved the funds following Zhi’s indictment. Washington maintains that the wallet containing the Bitcoin was owned by Zhi, while China disputes this, arguing there is no proven link between Zhi and LuBian.
Largest Crypto Seizure in History
If true, the alleged theft would represent the largest cryptocurrency seizure in history, surpassing the $6.7 billion confiscated by U.K. authorities from the so-called “Bitcoin Queen,” who was convicted of laundering funds from over 100,000 victims in China.
LuBian, once controlling around 6% of the global Bitcoin hashrate according to Blockscope Research, vanished suddenly in 2021. The company’s ownership structure remains undisclosed, fueling speculation that its disappearance was tied to the 2020 hack.
Political Timing Raises Questions
The accusation comes amid a delicate geopolitical moment, following a recent U.S.-China truce in their long-running trade dispute. Analysts say it remains unclear why Beijing decided to make the claim now, given that China banned all crypto mining and trading in 2021 and LuBian no longer operates within its borders.
Although Chen Zhi was born in China, he is currently based in Cambodia and reportedly holds Cambodian citizenship, with his company registered in Phnom Penh.
Global Implications for Crypto Governance
The incident underscores the complexity of cross-border cryptocurrency investigations. Unlike traditional fiat assets, Bitcoin is not tied to any jurisdiction, meaning that control over funds depends solely on who holds the private keys.
If the CVERC’s allegations prove true, the case could reignite debates over digital sovereignty, asset seizure legality, and jurisdictional authority in the crypto era — particularly as global regulators seek to close gaps in the governance of decentralized finance.
