Beijing Alleges U.S. Cyber Operation Targeted Chinese Bitcoin Assets
China’s top cybersecurity agency has accused the United States government of seizing around $13 billion worth of Bitcoin—roughly 127,000 BTC—in what it calls an unauthorized 2020 cyber operation against a Chinese mining pool. The allegation, made by China’s National Computer Virus Emergency Response Center (CVERC), has intensified digital and diplomatic tensions between the two countries.
China’s Cybersecurity Watchdog Claims U.S. Hack
According to the CVERC report, the U.S. allegedly obtained the massive Bitcoin trove after compromising servers linked to the LuBian Mining Pool. Beijing claims the seizure was misrepresented publicly as part of a criminal investigation, asserting instead that it was the result of a state-backed hacking campaign by Washington.
In contrast, U.S. authorities have described the confiscation of 127,271 BTC—valued between $14 billion and $15 billion—as part of the largest-ever crypto forfeiture linked to an international scam involving Chinese national Chen Zhi. China’s report reframes that operation as an act of financial misappropriation rather than law enforcement. So far, the U.S. government has not responded to these latest accusations.
A New Front in Cyber and Financial Rivalry
If China’s version holds true, it would represent an unprecedented case of government-led hacking targeting another nation’s crypto infrastructure. The implications go beyond digital assets, potentially merging state espionage with financial intervention.
This episode also follows years of mutual cyber accusations. The U.S. has repeatedly blamed China for state-backed hacking campaigns targeting American corporations and government agencies. Beijing, in turn, has accused Washington of widespread cyber-espionage operations against Chinese institutions.
However, key evidence remains missing. Beijing has not released technical proof linking the alleged U.S. cyber operation to the Bitcoin seizure, and independent blockchain analysis firms have not confirmed the claim. Analysts suggest that China’s announcement may serve as a strategic move in its broader geopolitical messaging rather than a purely factual disclosure.
Broader Implications for Global Crypto Security
Should the accusation prove valid, it could mark a historic moment in digital asset governance—blurring the boundaries between national security and cryptocurrency ownership. Cybersecurity experts warn that the controversy might:
- Pressure mining pools to enhance operational transparency.
- Encourage stricter international regulations for crypto asset custody.
- Heighten the risk of retaliatory cyber or financial measures between major powers.
For both Washington and Beijing, this incident could deepen mistrust in an already volatile cyber-financial landscape—one where cryptocurrency is increasingly intertwined with state power and strategic competition.
