China Accuses U.S. of Stealing 127K BTC in High-Profile Crypto Hack

China's National Computer Virus Emergency Response Center (CVERC) has accused the U.S. government of seizing 127,000 bitcoin (approximately $13 billion) that were originally stolen in a 2020 hack from a Chinese mining pool. CVERC claimed the hack was carried out by a 'state-level hacking organization' and suggested that the U.S. seizure was part of a larger operation. The U.S. government refuted these claims, asserting that the seizure was a lawful action aimed at confiscating criminal proceeds. The stolen bitcoins were linked to Chen Zhi, a businessman under U.S. indictment for alleged large-scale cryptocurrency fraud. After remaining untouched for nearly four years, the bitcoins were transferred to new wallets in mid-2024, which were later identified as belonging to the U.S. government by blockchain analysis firms. CVERC's analysis challenges the U.S. narrative, implying that the seizure might have connections to the initial hack and escalating tensions between the two nations.

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