China’s watchdog accused US government of $15B Bitcoin theft from Cambodian tycoon Chen Zhi

By Thanh Danh November 15, 2025 | 02:00 am PT

A Chinese cybersecurity agency claims the U.S. government was involved in the 2020 cyberattack that stole $15 billion worth of Bitcoin from Cambodian tycoon Chen Zhi’s mining platform.

On Nov. 9, China’s National Computer Virus Emergency Response Center (CVERC) released a technical analysis linking the seizure of Bitcoin by the U.S. Department of Justice in October 2025 to a 2020 hack of Prince Group’s LuBian mining pool, the Global Times reported.

The cyberattack, which happened on Dec. 29, 2020, resulted in the theft of 127,272 Bitcoins, valued at approximately $15 billion today.

"The U.S. government may have already used hacking techniques as early as 2020 to steal the 127,000 Bitcoins held by Chen Zhi," the report stated, as quoted by the Japan Times. "This is a classic ‘black eats black’ operation orchestrated by a state-level hacking organization."

Chen Zhi, founder and chairman of Prince Holding Group. Photo courtesy of Prince Holding Group

Following the attack, Chen attempted to recover the stolen Bitcoins by repeatedly posting messages on the blockchain, offering rewards, but received no response. For almost four years, the stolen Bitcoins remained in a wallet controlled by the hackers. However, in June 2024, the Bitcoins were moved to a new wallet, where they have remained inactive since.

On Oct. 14, 2025, the U.S. Department of Justice filed criminal charges against Chen, accusing him of cryptocurrency fraud and money laundering. The department also announced the seizure of 127,271 Bitcoins linked to Chen. However, federal prosecutors have not disclosed how they obtained control of the cryptocurrency.

U.S. officials have rejected China's accusations, asserting that the Bitcoin seizure followed established legal procedures aimed at recovering illicit funds. The Department of Justice and the U.S. Treasury Department have not commented publicly on the specific details of the seizure, according to Benzinga.

CVERC, established in 2001 and approved by China's State Internet Information Office, specializes in investigating foreign cyberattacks. The 2020 crypto hack has led to the collapse of Prince Group's LuBian project, which lost more than 90% of its assets.