November 14, 2025
By Our Correspondent
China has accused the U.S. government of orchestrating one of the largest cryptocurrency thefts in history—an audacious cyberattack that allegedly siphoned 127,272 Bitcoin (BTC-USD), worth around $13 billion, from the LuBian mining pool in December 2020.
Beijing’s National Computer Virus Emergency Response Center claimed the operation bore the “hallmarks of a state-level cyber offensive,” pointing to the stolen assets’ slow and covert movement as evidence of official coordination. The missing Bitcoin, according to Chinese investigators, was later linked to digital tokens seized by U.S. authorities.
U.S. prosecutors have connected the seized assets to Chen Zhi, chairman of Cambodia’s Prince Group, who was charged with wire fraud and money laundering in October. The Department of Justice has not disclosed how or when the Bitcoin was confiscated, though the case represents the largest digital asset forfeiture ever filed in Washington.
Beijing has portrayed the episode as “digital espionage disguised as law enforcement.” In response, Chen’s defense attorney, Matthew L. Schwartz of Boies Schiller Flexner, called the allegations “gravely false,” adding that his team is working with blockchain forensics experts to trace whether the confiscated Bitcoin can indeed be linked to the LuBian theft. Chen remains outside U.S. custody.
The accusation adds fuel to a widening cyber rivalry between the two powers. China has repeatedly accused the United States this year of digital intrusions, including breaches targeting the National Time Service Center and Microsoft Exchange servers.
Washington has yet to respond to the latest claims. For investors, the standoff underscores growing risks at the intersection of geopolitics, regulation, and digital assets—where cyber conflict between the world’s two largest economies could deepen volatility and uncertainty across global markets.
