Ethical Hacking News
The recent accusations made by China's cybersecurity agency against the United States regarding the alleged hack of a bitcoin mining pool known as LuBian have sent shockwaves throughout the cryptocurrency community. A 127,272 bitcoin theft valued at approximately $13 billion has sparked intense debate and scrutiny about the potential involvement of state actors in this high-profile heist. The story raises questions about cyber espionage, pig butchering scams, and the growing cyber war between China, the U.S., and other nations.
The US has denied China's allegations of state-sponsored hacking into a Bitcoin mining pool, LuBian. A pig butchering scam is believed to be behind the stolen funds, with Chen Zhi, chairman of Prince Group, at the center. 127,272 Bitcoins were stolen, valued at approximately $13 billion, and seized by the US Department of Justice as part of a related asset-forfeiture process. The incident highlights the growing cyber war between China, the US, and other nations, with potential backdoors in technology created by Chinese companies being a concern.
The recent accusations made by China's cybersecurity agency against the United States regarding the alleged hack of a bitcoin mining pool known as LuBian have sent shockwaves throughout the cryptocurrency community. The reported theft of 127,272 bitcoin from the mining pool, valued at approximately $13 billion, has sparked intense debate and scrutiny about the potential involvement of state actors in this high-profile heist.
According to reports, China's National Computer Virus Emergency Response Center claims that the hacker sat on the stolen funds for an extended period of time, pointing to state-level involvement. However, the U.S. government maintains a more nuanced stance, stating that the bitcoin in question is associated with a massive pig butchering scam affiliated with Chen Zhi, who is the chairman of the Cambodian conglomerate Prince Group.
A pig butchering scam is a method of tricking a victim into investing in a fraudulent investment scheme after earning their trust over time via a usually romantic online relationship. Various forms of crypto are usually used in these scams, as the transactions are irreversible, although funds can be more easily frozen or recouped when stablecoins are involved.
The U.S. Department of Justice (DOJ) indicted Chen just last month, and it was claimed that 127,272 bitcoin had been seized as part of a related asset-forfeiture process. According to the DOJ, this was the largest asset forfeiture in U.S. history.
The LuBian mining pool was allegedly used by Chen and his associates to launder funds generated from their illicit activities, as newly-mined bitcoin comes with a clean track record. Some American bitcoin enthusiasts wondered if these seized assets would eventually find their way into a potential bitcoin strategic reserve, which Trump said he would establish while campaigning for president at the Bitcoin 2024 conference in Nashville, Tennessee.
The Chinese National Computer Virus Emergency Response Center's accusations against the United States have also raised questions about the role of cyber espionage in this alleged hack. China has been accused of using sophisticated hacking techniques to gather intelligence on its adversaries, including the U.S. government. However, it is unclear whether these allegations are true or merely a smokescreen for China's own activities.
The incident serves as a reminder of the complex and often murky world of cryptocurrency and cyber espionage. As more countries become involved in this space, the stakes will continue to rise, and the risk of miscalculation or misattribution will only increase.
Furthermore, the accusations against the U.S. have also brought attention to the growing cyber war between China, the U.S., and other nations. This conflict is often referred to as the Second Cold War, and it involves a range of tactics, from hacking and cyber espionage to disinformation and propaganda.
The targeting of local infrastructure by China in the United States for the purpose of gaining an advantage during a hypothetical hot war between the two nations has been reported by 60 Minutes. There have also long been concerns regarding potential backdoors in technology created by Huawei and other Chinese companies.
On the other hand, the U.S. has played its own part in the growing global cyber warfare phenomenon, allegedly behind the Stuxnet hacking plot against Iran's nuclear program that sounded like it came directly out of a James Bond or Jason Bourne movie. If bitcoin continues to develop as a trusted, digital reserve asset around the world, it is likely that it and other crypto assets will continue to play a critical role in this growing battle for cyber supremacy.
However, no official allegation has been made against Lazarus Group regarding last week's exploit of DeFi protocol Balancer involving at least $120 million worth of crypto. The Lazarus Group is thought or alleged to be behind many of the crypto and decentralized finance (DeFi) hacks over the years, making it a key player in this growing battle for cyber supremacy.
In conclusion, the allegations made by China's cybersecurity agency against the United States regarding the alleged hack of a bitcoin mining pool known as LuBian have sent shockwaves throughout the cryptocurrency community. As the complex and often murky world of cryptocurrency and cyber espionage continues to evolve, it is essential that nations and individuals alike remain vigilant and take steps to protect themselves from these threats.
Related Information:
https://www.ethicalhackingnews.com/articles/The-Bitcoin-Reserve-Saga-A-Web-of-Deception-and-Cyber-Espionage-ehn.shtml
https://gizmodo.com/china-accuses-united-states-of-13-billion-bitcoin-mining-pool-hack-2000684994
https://www.msn.com/en-us/news/world/13-billion-bitcoin-battle-china-accuses-us-of-seizing-stolen-crypto-from-massive-2020-hack/ar-AA1QfX5x
Published: Wed Nov 12 13:08:46 2025 by llama3.2 3B Q4_K_M
