Chinese Cybersecurity Watchdog Alleges US Stole $13.2B in Bitcoin Five Years Ago

The Chinese cybersecurity agency CVERC has accused the U.S. of unlawfully seizing 127,271 BTC from a mining pool hack in 2020, which they claim originated not from criminal activities but from a breach at the LuBian mining pool. These Bitcoin assets, initially valued at $3.5 billion, have since appreciated to $13.2 billion. CVERC contends these assets were tied to Cambodian businessman Chen Zhi, implicated in large-scale scams. The coins remained untouched for four years before being transferred to wallets linked to U.S. control in mid-2024. According to analyses by Elliptic and Arkham Intelligence, CVERC argues that the seized funds should align with those from the 2020 breach rather than proceeds from Chen's operations. Following this, approximately $2 billion in Bitcoin was seized by U.S. authorities, leading to further investigations into the origins of these funds. The agency's claims suggest potential insider involvement in the theft, complicating the narrative surrounding the seizure of these digital assets.

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