China Accuses US of Masterminding Bitcoin Theft: Cyberwar Behind Digital Currency

In December 2020, while the world was grappling with the pandemic, a mysterious group of hackers stole 127,272 Bitcoin worth around US$3.5 billion from LuBian, one of China's largest Bitcoin mining pools. Four years later, that asset's value surged to US$13 billion—equivalent to Rp200 trillion. But who was the culprit? Recently, China dropped a bombshell: the United States, through a state-level hacker operation, allegedly orchestrated it all. 

According to a report from China's National Computer Virus Emergency Response Center (CVERC), the theft was no ordinary cybercrime. "This was a classic 'black eats black' operation by a state-level hacker organization," stated the report, released in early November 2025. They accused the US government, specifically through the Department of Justice (DOJ) and even the elite NSA cyber unit, of infiltration since 2020. The primary evidence? The stolen Bitcoin was "quietly" moved in July 2024 to a US government-controlled wallet, without the market turmoil typical of ordinary money laundering. This slow and hidden movement, China claims, is characteristic of a state-sponsored action, not quick-profit digital thugs. 

The case's timeline is further complicated by the involvement of Chen Zhi, the owner of LuBian and chairman of the Prince Group in Cambodia. Chen was accused by the US of large-scale wire fraud and money laundering and was arrested in October 2024. Chen's lawyer even filed a letter to a US court to trace the Bitcoin, but the DOJ was reluctant to reveal how they took control of it. Blockchain analysts like Arkham Intelligence have traced the fund flow directly to the US government's wallets, which now hold 326,588 BTC worth over US$34 billion, making the US the world's largest crypto holder. 

This accusation is not mere geopolitical gossip. It is part of the heating-up cyber cold war between Beijing and Washington. China has often been accused by the US of masterminding global cyberattacks, but is now striking back. Previously, China accused the US of breaching Microsoft Exchange servers to attack their companies. This accusation, despite lacking forensic detail, could shake international trust in crypto and digital law enforcement cooperation. Is this solid proof, or propaganda? The blockchain doesn't lie, but human interpretation is often full of intrigue. 

In an era where Bitcoin is no longer just a speculator's toy but a strategic weapon, this LuBian case reminds us: Digital money isn't just about profit and loss, but also a global power struggle. Who will win this round—the dragon or the eagle? Stay tuned, because the cyberwar has just begun.