Nov 12, 2025
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China and US Dispute Over $15 Billion Bitcoin Hack Details Emerge
A technical report from China's National Computer Virus Emergency Response Center reveals details about a significant Bitcoin hack involving $15 billion, highlighting tensions between China and the US over control of the stolen assets.
- The hack targeted LuBian, a Bitcoin mining pool operating in China and Iran, in late 2020. Over 90% of its Bitcoin was stolen, aligning with the 127,271 BTC later claimed by the US DOJ.
- After the theft, efforts to negotiate with the hackers, including messages embedded in the Bitcoin blockchain, were ignored. The stolen coins remained in a single wallet until mid-2024.
- In June 2024, the coins moved to new addresses under US government control, according to blockchain-tracking companies like Elliptic and Arkham Intelligence.
- On October 14, 2025, the US DOJ announced seizing 127,000 Bitcoins from Chen Zhi and charged him with financial crimes.
- Chinese experts argue these coins are from the LuBian hack, suggesting possible US involvement prior to the DOJ's announcement.
- The CVERC report suggests state-level operations intersected with the legal case against Chen, with the US possibly acquiring the funds earlier than disclosed.
The US DOJ has not clarified how it obtained Chen Zhi's private wallet keys or why those wallets match the stolen LuBian funds, leaving questions about control unresolved.
