Yeliz Akmaca 
China’s National Computer Virus Emergency Response Center (CVERC) has accused the U.S. government of transferring 127,000 Bitcoin stolen in the 2020 hack of the Lubian mining pool into its own wallets. At the time, this amount was valued at approximately $13 billion. CVERC claims the move was not coincidental and suggests state-level involvement.
The 2020 Lubian Hack and Chen Zhi Connection
In 2020, the Lubian mining pool was targeted in a cyberattack, resulting in the theft of 127,000 BTC. Later, the stolen Bitcoins were linked to Cambodian businessman Chen Zhi. The U.S. Department of Justice (DOJ) accuses Chen Zhi of running large-scale cryptocurrency fraud and money laundering operations. In this context, CVERC alleges that the U.S. may have indirectly supported the attack and disguised its seizure as a legitimate operation.
“This is a typical example of a state-level hacking organization orchestrating the theft while the ‘thieves clash among themselves,’” CVERC commented.
The CVERC report also stated, “The attack was carried out using advanced tools, suggesting a state-sponsored hacker group. The U.S. seizure may be part of a larger operation involving the same attackers.”
2024 Transfers and Blockchain Analysis
The stolen Bitcoin remained dormant for nearly four years. Subsequently, in mid-2024, they were quietly transferred to new wallets. Blockchain analysis firm Arkham Intelligence later traced these wallets to the U.S. government. This development prompted CVERC to investigate U.S. involvement.
U.S. Response and International Tensions
The DOJ rejected China’s allegations, stating that the Bitcoin were part of Chen Zhi’s fraud and money laundering network, and that the seizure was a legitimate law enforcement operation.
The incident highlights rising tensions between the U.S. and China over cybersecurity and global control of digital assets. Cryptocurrencies are increasingly becoming a strategic tool of national power.
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