🚨After reading the analysis report released by the National Computer Virus Emergency Response Center, it basically states:

The 127,000 bitcoins confiscated from Chen Zhi actually belong to the 2020 hacking incident known as "black eats black" by a U.S. hacker organization.

This large amount of bitcoin has remained untouched for four years after being stolen, which is inconsistent with the typical behavior of hackers who are eager to cash out.

It wasn't until recently, when Chen Zhi was taken down, that the U.S. government finally found a reason to act on this batch of bitcoins through long-arm jurisdiction.

What will the U.S. do with these assets after confiscation? Here are a few speculative directions—

1⃣ Compensation for victims, but this possibility seems relatively low.

According to federal law (18 U.S.C. § 981), victims have priority for compensation. According to incomplete statistics, victims of pig-butchering scams are estimated to have losses of up to $5.8 billion.

While it may be possible to use administrative procedures for compensation in the future, victims need to file claims through the Department of Justice's victim notification system or court procedures first, and there are legal challenges in cross-border recovery.

Even if there is a possibility, it would take at least five years to realize.

2⃣ Traditional auction, which also seems unlikely.

Before 2025, about 90% of confiscated cryptocurrencies were disposed of through auctions. For example, in the Silk Road case (2014-2015), approximately 144,000 bitcoins were auctioned off for $48 million.

However, after the policy shift to reserves in 2025, auctions are mainly used to meet cash needs or victim compensation.

3⃣ Strategic bitcoin reserves, which seems the most likely.

The bitcoins in the Chen Zhi case clearly meet the requirements for reserve fund sources (bitcoins from criminal/civil confiscation procedures). Under the division of labor between the U.S. Treasury and the Department of Justice, these assets could theoretically be transferred to the national strategic reserve pool for emergency or financial stability purposes.

So at this point, many things start to make sense:

Assets are not stolen for free; there needs to be a legitimate reason—anti-fraud;

Coins are not confiscated arbitrarily; there needs to be a legal procedure—forfeiture.

It looks like a judicial action to you, but the more I look at it, the more it seems like a transfer of wealth? 😂

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