The National Computer Virus Emergency Response Center of China (CVERC) has released a technical report regarding the high-profile case of the seizure of over 127,000 BTC (approximately $13.3 billion) from Cambodian businessman Chen Ji, who heads Prince Group. The Chinese side stated that the actions of the US exhibit signs of “internal disputes among thieves.”
This is reported by Finway
Circumstances of the Attack on the LuBian Mining Pool
According to the report, in December 2020, hackers attacked the LuBian mining pool, which is part of Prince Group, and quickly withdrew 127,272 BTC. All transactions were accompanied by the same fee, indicating the use of automated software. Over the next four years, the assets remained virtually untouched, and Chen Ji and the company repeatedly appealed through blockchain requests to return the stolen coins, but received no response.
Seizure and China’s Reaction
In June 2024, these bitcoins were transferred to new wallets, which, according to the analytical platform Arkham, are controlled by the US government. By October 2025, the US Department of Justice formally charged Chen Ji and announced the confiscation of the digital assets, emphasizing their criminal nature. The Chinese side noted that the US government might have employed “state hacking methods” to gain access to these funds.
CVERC referred to this as “internal disputes among thieves.”
The report also indicated that not all seized bitcoins have a criminal origin. Specifically, about 17,800 BTC were obtained through independent mining, another 2,300 BTC through pool payouts, and the remainder through exchanges. Thus, Chinese experts questioned the US Department of Justice’s claims regarding the entirely illegal origin of all the assets.
The scandal surrounding this case once again highlighted the tension between China and the US in the realm of digital finance and control over crypto assets.