China Levels Explosive $15 Billion Bitcoin Theft Accusation Against US Government

In a dramatic escalation of geopolitical cyber tensions, China’s National Computer Virus Emergency Response Center (NCVERC) has released a report accusing the United States government of masterminding a massive Bitcoin theft valued at approximately $15 billion. This sensational claim marks the latest instance of Beijing attributing significant cyberattacks directly to Washington.

The Genesis of the Dispute: A $15 Billion Bitcoin Heist

The controversy traces its origins to December 2020, when the prominent Bitcoin mining pool “LuBian” fell victim to a sophisticated hack. A staggering 127,272 Bitcoins were illicitly seized – an amount valued at $3.5 billion at the time, which has since surged to an estimated $15 billion in today’s market. The NCVERC’s report identifies Chen Zhi, the influential head of Cambodia’s “Prince Group,” as the owner of these substantial digital assets.

China’s ‘State-Level’ Conspiracy Theory Unveiled

The NCVERC’s report presents a provocative theory, asserting that this attack was not merely a criminal act but a “black-on-black” operation orchestrated by a “state-level hacking organization.” This conclusion is primarily drawn from the unusual dormancy of the stolen Bitcoins: they remained untouched for nearly four years after the theft, showing virtually no movement until their full acquisition by the US government in 2024. Such behavior, the report argues, starkly contrasts with the typical actions of private hackers who are generally driven by immediate profit and rapid liquidation. The NCVERC’s analysis strongly suggests that the US government likely gained control over these Bitcoins as early as December 2020, shortly after the initial compromise.

US Justice Department’s Intervention and Seizure

Adding another layer of intrigue to the narrative, the US Department of Justice (DOJ) in October this year filed criminal charges against Chen Zhi. These charges include serious allegations of wire fraud, money laundering, and operating “pig butchering” scams that involve forced labor. Concurrently, the DOJ announced a significant seizure of over 127,000 Bitcoins from Chen Zhi and the Prince Group – a figure that remarkably aligns with the precise amount stolen from LuBian.

The Unanswered Question: Private Keys and Provenance

The NCVERC report explicitly states that a convergence of evidence points to the Bitcoins seized by the US government being precisely those pilfered from LuBian. A critical point of contention highlighted by the report is the US government’s notable silence in its indictment regarding the crucial detail of how it obtained the private keys to Chen Zhi’s massive on-chain Bitcoin address.

Chen Zhi’s Defense: A ‘Misleading’ Accusation

In response to the grave US allegations, Chen Zhi’s legal team is vigorously challenging the claims. His lawyer, Matthew L. Schwartz, recently submitted a letter to a US court, requesting an extension to thoroughly trace the movement and ultimate destination of the stolen LuBian Bitcoins. Schwartz has vehemently criticized the US government’s charges against Chen Zhi as “seriously misleading.” In a statement to Bloomberg, Schwartz affirmed:

“As we stated to the court, we are working closely with cryptocurrency experts to trace the bitcoins that the US government seized more than a year ago, but which were stolen back in 2020.”

A Pattern of Accusations: China vs. US in Cyberspace

This latest accusation from Beijing fits into a broader pattern of China’s recent cyber-related claims against the US. Earlier this year, Beijing accused the US of exploiting vulnerabilities in Microsoft Exchange servers to infiltrate Chinese enterprises. Just last month, China declared it possessed “irrefutable evidence” of a US attack on its National Time Service Center. However, a notable distinction exists in how these allegations are presented: while the US typically provides detailed forensic evidence when publicly disclosing foreign cyberattacks, China’s official accusations often rely on broader, less technically substantiated narratives, leaving many questions unanswered.

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