China accuses US of ‘thieves robbing thieves’ after US seized 400-billion-baht Bitcoin linked to Chinese-Cambodian tycoon Chen Zhi
Beijing alleges a US-led cyber operation stole billions in Bitcoin from a Chinese mining firm, calling it a “state-run theft” tied to the 2020 LuBian hack
China has launched a new cyber offensive against the United States, accusing Washington of orchestrating a state-level hacking operation to steal 127,272 Bitcoins worth about US$13 billion (roughly 400 billion baht) from China’s LuBian mining operation in 2020 — a network allegedly tied to Cambodian “grey business” magnate Chen Zhi. Beijing called it a “thieves robbing thieves” operation planned by US state-backed hackers.
According to reports by Bloomberg and Global Times, China’s National Computer Virus Emergency Response Center (CVERC) claimed that the hack bore “clear signs of state involvement,” citing the unusually slow and silent movement of the stolen Bitcoins — behaviour inconsistent with ordinary cybercriminals. The coins, investigators said, remained untouched in the hacker’s wallet for nearly four years, before being transferred to new wallets in June 2024, where they have since remained dormant.
On October 14, 2025, the US Department of Justice (DOJ) filed criminal charges against Chen Zhi, chairman of Cambodia’s Prince Group, alleging his involvement in wire fraud and money laundering conspiracies. The DOJ also announced the seizure of 127,000 Bitcoins, believed to be connected to Chen, but refused to disclose when or how the assets were obtained.
Chinese cybersecurity authorities now accuse the United States of having hacked Chen’s holdings in 2020, calling it “a classic state-run theft under the guise of justice.” US federal prosecutors handling Chen’s case declined to comment on how the government came to possess the Bitcoins, which were seized in the largest digital asset confiscation in US history.
Beyond the crypto dispute, Beijing has accused Washington of multiple cyber intrusions this year, including exploiting vulnerabilities in Microsoft Exchange Server to attack Chinese companies, and hacking China’s National Time Service Center, allegedly with “irrefutable evidence.” However, observers note that China’s accusations lack detailed forensic or technical proof.
Meanwhile, the US plans to use the seized digital assets to establish a “Strategic Bitcoin Reserve Fund”, following an executive order signed by President Donald Trump.
White House crypto adviser David Sacks said on X that the fund will hold around 200,000 Bitcoins seized through criminal and civil forfeiture cases. The government aims to manage and grow the value of these holdings, though no further details of the strategy have been disclosed.
