A new one technical report from China’s National Computer Virus Emergency Response Center (CVERC) has revealed shocking details about one of the biggest Bitcoin hacks in history, pointing to a hidden power struggle between China and the United States over $15 billion worth of Bitcoin. The stolen Bitcoin remained untouched for four years, which blockchain experts say is unusual for typical hackers. Now both China and the US are pointing fingers, with some analysts suggesting the US government He may have secretly seized the coins.
China’s 2020 Bitcoin hack raises questions about US government involvement
LuBian was a fast-growing one Bitcoin mining pool launched in 2020, mainly active in China and Iran. In late December 2020, hackers attacked the system and stole more than 90% of Bitcoin, almost exactly matching the 127,271 BTC later claimed by the US Department of Justice (DOJ).
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Shortly after the theft, Chen Zhi, chairman of Prince Group in Cambodia, and his team sent more than 1,500 messages on the Bitcoin blockchain, embedded in small transactionsbegging the hackers to return the money and offering a ransom. The hackers never responded. The stolen Bitcoin remained in one wallet from 2020 until mid-2024, an unusual move as most hackers move stolen coins quickly. Blockchain experts say this behavior indicates a carefully planned operation at the state level.
Who really controls the 127,000 BTC?
In June 2024, the stolen Bitcoin finally moved again to new, known addresses blockchain tracking companiesincluding Elliptic and Arkham Intelligence, have determined that they are under US government control. Subsequently, on October 14, 2025, the US DOJ announced that this was the case seized 127,000 Bitcoins from Chen Zhi and accused him of financial crimes.
However, Chinese experts claim that these are the same coins that were stolen Lubian in 2020, indicating that the US government may have controlled them years earlier. According to the CVERC report, the unusual behavior of the stolen coins lying dormant for four years indicates that possible state-level operations are now intersecting with the DOJ’s lawsuit against Chen.
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Blockchain analysis shows that all 25 Bitcoin wallet The addresses listed in the US DOJ indictment match those involved in the 2020 hack. Only a small portion of the stolen Bitcoin was ever moved before 2024, highlighting the unusual nature of the operation at the state level.
The report further suggests that the US may have obtained the stolen funds long before the seizure was announced, and may even have participated in or profited from the original hack. Chinese analysts claim this appears to be a “double cross” at the state level, with one government using hacking tools to digital assets under the cover of law enforcement.
In the meantime, the US DOJ has not explained how it obtained the keys to Chen Zhi’s private wallet or why those wallets exactly correspond to the stolen LuBian funds, leaving the issue of scrutiny unresolved.
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