U.S. Seizes $15 Billion in Bitcoin from Cambodian Chairman

The U.S. Department of Justice seized 127,271 bitcoins from Cambodian Prince Group’s Chairman Chen Zhi amid controversial allegations of a ‘hack-on-hack’ involving LuBian Mining Pool.

This unprecedented seizure highlights vulnerabilities in cryptocurrency security and raises questions about state-level intervention in digital asset recovery.

U.S. Seizes $15 Billion from LuBian Mining Pool Hack

A detailed investigation by the U.S. Department of Justice concluded with the seizure of 127,271 bitcoins, initially stolen in a 2020 hacking incident involving the LuBian Mining Pool and complicated ties to Chen Zhi. Chen Zhi allegedly orchestrated money laundering operations through his position as Prince Group Chairman, utilizing the hacked bitcoins as part of the scheme.

According to CoinMarketCap, Bitcoin (BTC) is currently priced at $102,184.72 with a market cap of 2.04 trillion and a dominance rate of 59.34%. Over the past 30 days, BTC has declined 15.95%, reflecting volatility associated with ongoing investigations. Circ. Supply: 19,946,421 BTC, with no changes in market leadership quality.

“The DOJ states that these bitcoins are now in their custody. Now valued at $15 billion, they represent the largest ever forfeiture action by the US government.” — Elliptic Research

Bitcoin Market Volatility Amidst Seizure Fallout

Did you know? The LuBian Mining Pool bitcoin theft incident is considered one of the largest in history, highlighting persistent vulnerabilities in cryptographic key management.

Expert insights from Coincu suggest potential for tightened regulation and advanced security mechanisms to prevent similar future breaches. Historical data highlights recurring threats to blockchain integrity, underscoring a need for industry-wide best practices and vigilance.

According to CoinMarketCap, Bitcoin (BTC) is currently priced at $102,184.72 with a market cap of 2.04 trillion and a dominance rate of 59.34%. Over the past 30 days, BTC has declined 15.95%, reflecting volatility associated with ongoing investigations. Circ. Supply: 19,946,421 BTC, with no changes in market leadership quality.