China’s cyber authorities have heightened tensions with Washington after alleging U.S. involvement in the seizure of a massive bitcoin cache. China’s National Computer Virus Emergency Response Center (CVERC) released a report on Nov. 9, 2025, according to the Global Times, a Chinese state-affiliated newspaper under the People’s Daily, asserting that the U.S. government unlawfully seized bitcoin stolen in a 2020 cyberattack.

The CVERC report detailed that the incident stemmed from a December 2020 cyberattack on the Lubian mining pool, where hackers exploited system vulnerabilities and drained 127,272 BTC—then valued at about $3.5 billion.

It outlined a five-phase timeline that included the initial theft, a four-year dormancy period, repeated ransom attempts by the Prince Group, reactivation and transfer of assets in June 2024, and eventual seizure by the U.S. Department of Justice (DOJ) in October 2025. The report alleged that the U.S. government’s seizure of over 127,000 bitcoin from Cambodian businessman Chen Zhi was “a typical case of thieves falling out” involving state actors.

The center asserted that the stolen BTC matched those moved to wallets identified by blockchain analytics firm Arkham as controlled by the U.S. government. CVERC’s forensic analysis suggested that the funds had remained untouched for years—contrary to the usual quick liquidation pattern seen in hacks—indicating a state-level precision operation. The DOJ’s charges against Chen Zhi, chairman of the Prince Group, were thus portrayed as an attempt to legitimize an earlier seizure through hacking activity.

Contradicting the DOJ’s assertion that the assets were criminal proceeds, the report maintained that only a small fraction came from questionable sources, while the majority derived from independent mining, pool payouts, and exchange transactions.

It called for enhanced blockchain security practices, including cryptographically secure random number generators, multi-layered defense mechanisms, cold storage, and real-time anomaly monitoring. The Global Times coverage underscores China’s effort to frame the case as evidence of U.S. cyber interference, reflecting a broader contest between Beijing and Washington over blockchain governance, digital asset control, and cybersecurity dominance.

• What sparked China’s latest cyber accusation against the U.S.?
  China’s CVERC alleged that the U.S. government was involved in the hacking and later seizure of over 127,000 bitcoin linked to a 2020 mining pool breach.
• How much bitcoin is under dispute?
  The conflict centers on approximately 127,272 BTC, originally worth around $3.5 billion at the time of the Lubian pool attack.
• Why does CVERC believe the operation was state-level?
  Investigators pointed to the long dormancy period and sophisticated transfer patterns as signs of a coordinated, government-grade cyber operation.
• What broader impact could this have on global crypto governance?
  The incident intensifies U.S.-China rivalries over blockchain regulation, cyber sovereignty, and digital asset oversight.

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