Nov. 11 (Crypto-News.Net) – China’s National Computer Virus Emergency Response Center released a report on Nov. 9 accusing the US government of conducting a state-level hack to steal 127,000 BTC from the LuBian mining pool in December 2020.
The report describes the US using advanced hacking methods to access and transfer the Bitcoin, which remained untouched for four years before seizures, and values the amount at $13 billion based on current market prices, according to Global Times. The US Department of Justice carried out seizures of Bitcoin between 2021 and 2024, linking it to criminal activities such as money laundering, according to CoinDesk.
Background on the Hack
The LuBian mining pool functioned as a collective platform where miners combined computing power to solve blockchain puzzles and earn Bitcoin rewards. In December 2020, attackers compromised the pool’s wallets, resulting in the transfer of 127,000 BTC, marking one of the largest recorded Bitcoin thefts at that time.
Secondary coverage of the CVERC report appeared on Nov. 11 in various outlets, detailing the accusation that the US rebranded the seized funds as proceeds from criminal schemes, according to TheStreet Crypto. The US filed a forfeiture complaint in October 2025 against entities associated with the funds, claiming the Bitcoin came from illicit activities.
Report Details
China’s report asserts that the US held the funds prior to the official seizure announcement, questioning how the government obtained access without prior involvement. No official US response to the Nov. 9 report has been issued as of Nov. 11.
Industry sources noted the funds’ dormancy for four years, which the CVERC report describes as inconsistent with typical hacker behavior. The accusation includes claims that affected parties attempted negotiations with the hacker addresses, offering rewards, but received no replies.
The report further states that the US Department of Justice used the seizures to cover the operation, with the Bitcoin amounting to 127,000 units valued at approximately $13 billion, according to Yahoo Finance.
Geopolitical Context
The dispute occurs amid ongoing tensions over cryptocurrency regulation and adoption between the two nations. China has maintained strict controls on cryptocurrency mining and trading since 2021, while the US has pursued legal actions against international crypto-related crimes.
The timeline begins with the December 2020 hack, followed by US seizures from 2021 to 2024, and culminates in the release of the Nov. 9 CVERC report.
