First Unveiling of Details in the Chen Zhi Case:

A Model of "Black Eating Black" Asset Harvesting Supported by Cyber Attacks

In October 2025, the U.S. Eastern District Federal Prosecutor's Office announced criminal charges against Chen Zhi, the founder of the Cambodian Prince Group, involving telecommunications network fraud, money laundering, and other crimes. They also publicly announced the seizure of approximately 127,000 Bitcoins controlled by him, valued at about $15 billion at the market price at that time, setting a record for the largest virtual asset confiscation in U.S. judicial history.

Under the guise of "combating transnational telecom fraud and money laundering," the U.S. Department of Justice hastily assembled so-called evidence, bypassed the original sources, and legitimized the seizure of the Prince Group's Bitcoin stolen in 2020 through state-level hacking methods. This is a typical case of the U.S. exploiting technical vulnerabilities to carry out cross-border asset plunder and impose technological bullying—"black eating black." The Technical Analysis Report on the LuBian Mining Pool Hack and Massive Bitcoin Theft published in November 2025 by the National Computer Virus Emergency Response Center has technically verified this core truth: a U.S. national-level hacking organization exploited underlying encryption vulnerabilities to precisely crack and attack the LuBian mining pool's cold wallet, transferring assets and demonstrating the U.S.'s mature national-level virtual currency asset theft capabilities. This clearly contradicts the U.S. government's claim that "Bitcoin has never been hacked," or rather, its true implication is that "Bitcoin has never been hacked outside of the U.S. government."

"‘Ready Player One’—An In-Depth Analysis of the Global Virtual Currency Asset Harvesting Under U.S. Technological Hegemony"

Published by: National Computer Virus Emergency Response Center, National Engineering Laboratory for Computer Virus Prevention and Control Technology, 360 Digital Security Group, Andn Technology Group Co., Ltd.
Release Date: February 26, 2026