China Accuses U.S. of Seizing $13 Billion in Stolen Bitcoin

• China’s cybersecurity agency (CVERC) claims that the U.S. government secretly took control of 127,000 stolen Bitcoins from the 2020 LuBian mining pool hack.
• The U.S. has simultaneously come out to deny the accusation, stating the Bitcoin was lawfully seized as criminal evidence.

Lately, there’s been intense pressure between China and the United States, and major issues of concern have risen due to this pressure. A few weeks ago, the President of the United States, Donald Trump, announced a 100% tariff for China, and the outbreak of the news caused the price of Bitcoin to decline significantly. Although there have been recent reports that have recorded a reduction in the tariffs, the two nations still face intense pressure.

Today, China has accused the United States of secretly taking control of about 127,000 stolen Bitcoin, worth nearly $13 billion. Since the outbreak of the news, there has been so much between the two global superpowers.

Details of the Bitcoin Theft China Claimed

According to the reports published by a Chinese local newspaper, China’s National Computer Virus Emergency Response Center (CVERC) reported that these Bitcoins were taken during a cyberattack on the LuBian mining pool, a crypto-based mining company based in China.

The attack happened in 2020, and CVERC described it as an extremely complex hack that made use of advanced digital weapons and also new hacking techniques that only a powerful government-level organization could pull off. The state media in China even hinted that the hackers behind the theft might be connected to the United States government or one of its intelligence networks.

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China insists that instead of the United States returning the stolen crypto or at least admitting their involvement, they decided to keep quiet and hold the BTC. The Chinese authorities also claimed that the U.S. took the Bitcoin in the guise of carrying out a secret operation.

The United States government, on the other hand, has firmly come out to deny all the accusations. According to the U.S. officials, the BTC was never stolen from China, but instead it was legally seized during a criminal investigation.

To give a backstory of where exactly the Bitcoin came from, we’d briefly look into the large-scale fraud run by Chen Zhi, a Cambodian businessman. The businessman was involved in winning an operation that laundered money through cryptocurrency. According to the American agencies, the Bitcoin was seized as criminal evidence in this case, and there was no hacking or secret interference by any special U.S. organization.

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