China has accused the U.S. of taking $13 billion in Bitcoin (CRYPTO: BTC) linked to a 2020 hack, escalating a cross-border dispute that Washington says is simply a lawful seizure of criminal proceeds.
China's Watchdog Links U.S. To 2020 Bitcoin Hack
China's National Computer Virus Emergency Response Center (CVERC) alleged that the U.S. Department of Justice seized 127,000 Bitcoin originally stolen in a 2020 cyberattack on the LuBian mining pool.
The agency described the incident as a "state-backed crypto heist," claiming it was carried out by a "state-level hacking organization."
The Global Times, a state-run publication, reports that CVERC traced the digital trail of the 2020 hack and alleged that the seized assets were tied to Chen Zhi, chairman of Cambodia's Prince Group, who faces a U.S. indictment for a large-scale fraud scheme.
The agency contends that the American seizure may have been part of the same coordinated hacking campaign.
Also, for years the stolen bitcoin had remained dormant until mid-2024, when blockchain analysis firm Arkham Intelligence identified wallet transfers linked to the U.S. government.
CVERC's report challenges Washington's explanation that the assets were lawfully seized criminal proceeds.
Washington Rejects Allegation Of "State-Level" Theft
U.S. officials dismissed China's accusations, maintaining that the seizure followed established legal processes targeting illicit funds.
The Department of Justice and the Treasury Department have not yet commented publicly on the specific claims.
This exchange is viewed as a new flashpoint in ongoing digital-asset tensions between Washington and Beijing.
"This is the first time China has directly accused the U.S. of cyber theft involving cryptocurrency," said one regional cybersecurity expert.
"It marks a serious escalation in the narrative around digital sovereignty."
The dispute adds to an already strained relationship over crypto regulation, data espionage, and digital currency policy.
Beijing continues to restrict cryptocurrency trading domestically while expanding its digital yuan pilot, whereas the U.S. has increased its enforcement actions targeting global crypto crime.
Bitcoin Holds Key Support Near $103,000
BTC Key Technical Levels (Source: TradingView)
On the technical front, Bitcoin remains range-bound as traders assess the geopolitical overhang.
The supertrend indicator on the daily chart stays bearish, capping rallies near $114,400.
The 20- and 50-day exponential moving averages cluster between $106,900 and $110,050, creating a heavy resistance band.
However, support lies between $103,000 and $101,500, a demand zone that has held through multiple tests since late October.
A close above $111,000 could flip short-term momentum in favor of buyers, opening targets near $116,300.
Losing $101,500, however, risks a slide into deeper liquidity near $97,500.
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