Posted on 11/15/2025 3:30:47 PM PST by delta7
Remember all the chatter like Bitcoin is private (nothing further from the truth as anyone can research this ledger stored on the internet) or Bitcoin is digital gold? First thing that has expired. the Notion that Bitcoin is Safe or Private
BITCOIN HAS BEEN HACKED
China Accuses US of Orchestrating $13 Billion Bitcoin Hack (2) Summary by Bloomberg Al • China's cybersecurity agency accused the American government of orchestrating the theft of about $13 billion worth of Bitcoin from the LuBian Bitcoin mining pool. • The Chinese National Computer Virus Emergency Response Center said the hack is likely a "state- level hacker operation" led by the US, citing the quiet and delayed movement of the stolen Bitcoin. • The US government seized the stolen Bitcoin, with federal prosecutors declining to comment on how or when they obtained control of the Bitcoin, and a lawyer for Chen Zhi calling the government's allegations about Chen "seriously.....
China has formally accused the United States of orchestrating a $13 billion state-level cybertheft involving the seizure of 127,000 Bitcoin originally stolen in a 2020 hack of the Chinese LuBian mining pool. The U.S. government disputes the allegation, asserting the Bitcoin was lawfully seized as part of a fraud crackdown, but China insists the act constitutes “state-backed cyber theft” and has transformed the incident into a geopolitical flashpoint.
Key Timeline and Details
The Hack: In December 2020, approximately 127,272-127,426 BTC (worth $3.5 billion then, now valued over $13 billion) were stolen from the LuBian mining pool, previously one of the world’s largest mining operations. Attribution: China’s National Computer Virus Emergency Response Center (CVERC) alleges this was not an ordinary criminal hack but a “state-level operation” ultimately directed by the U.S. government, with technical indicators suggesting sophisticated resources. Movement of Coins: The stolen Bitcoin remained dormant for several years, only moving in 2024 after the U.S. indicted Cambodian billionaire Chen Zhi, who was accused of running a major crypto scam operation. Seizure by the U.S.: The U.S. Department of Justice disclosed in late 2025 that it had seized the same Bitcoin as part of anti-fraud actions against Chen Zhi and the Prince Group in Cambodia. Washington maintains the seizure was carried out through proper law enforcement and legal channels. China’s Counter-Claim: Beijing asserts that the pattern of on-chain movements and the lack of attempts to immediately cash out is evidence of government-level handling, not criminal laundering, and that U.S. claims about Chen Zhi’s control of the assets are unsubstantiated. Geopolitical and Market Impact
This clash has escalated into a broader digital and diplomatic standoff, deepening U.S.-China cyber tensions.....
Yeah, because banks and stock brokerages and corporations never get hacked.
Whatever you say Nostradamus ...
Bitcoin could very well fail because of quantum computing, there is no code we could make that quantum computing can’t break within minutes.
All of this would be moot if we abolished fiat currency.
But since governments rule via fiat currency that won’t happen.
They used to say that Bitcoin COULDN’T be hacked...
"I do not need money so I do not have to bullshit to get readers to sell them something or to prove a point to anyone."Gold & the Black Market & $50,000
If anyone did it the Chinese did it long ago ,LOL
Un-possible, Bitcoin relies on blockchain, it can’t be hacked. (so we were told)
Why do you say that? it was a hack, not a breach of the bitcoin blockchain
Blockchain - it’s got electrolytes !
Wallets have been hacked. Exchanges are hacked. The blockchain hasn’t been hacked.
If you don ‘t own your own “keys” you don’t own your bitcoin.
People write terms liked “hacked” without having the slightest idea what it means.
Since an offline key can be further divided into multiple parts, bitcoin can be (if you make the effort) more secure than any physical asset like gold, since physically accessing the gold will always give a thief control. By contrast physically accessing 1 of 2 or 3, etc. crypto keys won't get you anything.
Self-custody bitcoin where you transfer it from an exchange to your personal hardware wallet can't be hacked unless you tell somebody your key.
Bitcoin exchanges can be hacked, because a bitcoin exchange is just an online bank that stores your bitcoin. You don't really own it when you leave it on the exchange. It's just a bitcoin bank account that credits your assest in bitcoin instead of dollars, and banks can get hacked.
Couldn’t this be an inside job, with the perps attempting to cover their tracks?
Let me know when you can pay your taxes with bitcoin….
If you knew anything about Bitcoin, you would know that is a ridiculous statement. The producer of fiat currency would never accept a competitor for payments. And only an idiot would spend Bitcoin on something as silly as taxes.
So when a man with a gun comes to collect money for the government , bitcoin is potentially useless for defending my life.
Got it.
All money is fiat money. Gold, silver, and copper represent money, but money is not a physical thing. Precious metals are probably the best money tokens we have. We’ve been using them for 1000s of years. They work because they can’t be faked.
But all money nowadays is represented by paper promisary notes or base metal tokens. Not as good for the average person because it’s too easy for governments to make more. (The ancient Romans also had inflation and debased their money. So, precious metals are not a guarantee.)
The problem is our governments are spending more money than they are receiving. So, the money is inflated, and is the (not so) hidden tax on the people.
Governments at all levels must reduce regulation, favoritism, and spending.
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