LuBian-Linked Wallet Moves $1.3B in Bitcoin
A wallet linked to Chinese Bitcoin mining operation LuBian moved 11,886 Bitcoin (about $1.3 billion) within a day of the U.S. Department of Justice (DOJ) announcing plans to seize $15 billion in Bitcoin allegedly stolen from LuBian in 2020. The movements consisted of two large transactions after three years of inactivity. Arkham Intelligence claims LuBian was hacked for 127,426 BTC in 2020 and that the recent transfers match previous recovery wallet activity. The DOJ unsealed an indictment against Prince Holding Group, a Cambodia-based company accused of crypto fraud, and filed a forfeiture complaint tied to LuBian-linked Bitcoin. The DOJ alleges that ill-gotten gains were laundered through mining operations, including LuBian. If the court approves the forfeiture, the seized Bitcoin could significantly increase U.S. government digital asset reserves, reflecting recent efforts to formalize a federal Bitcoin reserve from forfeited crypto assets.
