China's National Computer Virus Emergency Response Center has made serious allegations against the US, claiming the government stole 127,000 Bitcoins valued at approximately $13 billion. This claim links back to a hack of China's LuBian mining pool from December 2020, which initially saw the stolen coins worth around $3.5 billion.
Context of the Allegations
An investigation suggests that the stolen Bitcoin remained inactive in the attackers’ wallets for nearly four years. It wasn't until mid-2024 that the coins began moving, eventually being traced to addresses now linked to the US government. The DOJ announced a seizure of these coins in October 2025, claiming they were part of a civil forfeiture connected to a criminal network run by Chen Zhi of Cambodia’s Prince Group.
The DOJ stated, "These coins represent lawful criminal proceeds from a significant scam operation," but denied any involvement in the initial theft.
Why This Matters
The situation has escalated politically, with President Trump recently asserting that the US is leading China in crypto adoption. Some commentators see this as a dangerous precedent, raising concerns about a potential crypto cold war.
Key Themes from Recent Comments
Skepticism of Criminal Behavior: Observers argue that typical criminals would not leave stolen coins untouched for years. One commentator noted, "If this is true, I can’t believe we’re doing this. North Korea level stuff."
Doubts Over Evidence: Some commenters questioned China’s claims, suggesting if they had solid proof, it should be easily visible due to Bitcoin's public ledger. One stated, "If there’s real evidence, it should be easy to see."
Speculation About Government Motives: Users are wondering about the government’s intent regarding the Bitcoin. A comment pointed out, "The real problem is we don’t know why the government would want the bitcoins. This is pretty big if it is true."
"Chen Zhi apparently sent multiple messages on-chain begging the hackers to return the Bitcoin, which is weird if they were just criminals," pointed out a commentator, raising questions about the nature of the stolen cryptocurrencies.
Key Points of Interest
39% of US Bitcoin Holdings: This batch of Bitcoins reportedly makes up about 39% of all Bitcoin held by the US government, highlighting the significance of this seizure.
Political Ramifications: Analysts suggest that this situation may escalate into a more pronounced conflict, with a new race forming among nations to stockpile Bitcoin.
Calls for Transparency: Many are advocating for clearer evidence and an open discussion about the methods involved in these alleged state operations.
Potential Outcomes on the Horizon
Experts predict a continuing conflict over Bitcoin as both nations pursue their agendas. With China’s accusations, there’s an estimated 60% chance of new regulatory actions from both sides. This could trigger retaliatory measures. As the US government emphasizes its stance, Bitcoin’s role in international affairs may shift dramatically, transforming from an asset class into a tool of power. There is potential for increasing cyber warfare tactics as nations focus on securing their digital assets and reputations.
Echoes of Historical Disputes
This confrontation over Bitcoin mirrors the historical Space Race, where governments fought for technological supremacy. As nations scramble for dominance in digital currency, future generations may reflect on this moment as pivotal in creating a new economic order.