China Accuses U.S. of Taking $13 Billion in Bitcoin

China is accusing the United States of taking 127,000 Bitcoin, worth about $13 billion, that were originally stolen from the Chinese mining pool LuBian in 2020. China’s cybersecurity agency claims the hack looked like a state-level operation because of how sophisticated it was and how the stolen Bitcoin stayed untouched for years before suddenly moving again.

Blockchain analysis firms traced the stolen Bitcoin and found that the coins eventually ended up in wallets controlled by the U.S. government. The U.S. later announced that it had seized the Bitcoin as part of a criminal case, claiming the funds were connected to a businessman accused of running a massive crypto fraud scheme.

China rejects this explanation and says the U.S. simply took the coins without proper justification. According to China, the operation looks like one government stealing digital assets that another government viewed as its own property.

There is still no clear proof showing exactly how the U.S. gained control of the Bitcoin. Analysts say the controversy raises big geopolitical questions, especially since the U.S. now holds more than 300,000 Bitcoin, including this seized amount.

Both countries are accusing each other of wrongdoing, and the true ownership of the 127,000 Bitcoin remains unsettled.