 "What's the $13 bn bitcoin hack that China blames US for?")
China has accused the United States of orchestrating a massive cyber theft involving more than $13 billion worth of bitcoin, escalating tensions between the two countries over cybersecurity and digital finance. The claim made by Beijing’s Ministry of State Security, one of the most serious public allegations China has directed at Washington in recent years.
Beijing’s allegation
In a detailed post on the social media platform WeChat, China’s Ministry of State Security alleged that the U.S. National Security Agency (NSA) was behind a long-running cyber operation targeting Chinese digital assets. According to Chinese authorities, the operation was designed to steal bitcoin valued at approximately $13 billion through sophisticated hacking tools.
The ministry accused the NSA’s Office of Tailored Access Operations (TAO), an elite cyberwarfare unit—of breaching systems belonging to a leading Chinese technology company and siphoning cryptocurrency funds. Beijing said the operation was part of a broader US campaign to control global cyberspace and undermine China’s financial security.
While the statement did not name the affected company, it claimed the attack had been traced to the NSA’s “Equation Group,” a hacking entity previously linked to American cyber-espionage activities.
US yet to respond
The U.S. government has not issued a formal response to the allegations. Historically, Washington has accused China of conducting widespread cyber theft and espionage targeting American businesses and government agencies, a charge Beijing has repeatedly denied.
This latest exchange underscores the deepening distrust between the world’s two largest economies in the digital domain, particularly as both nations compete for leadership in emerging technologies such as artificial intelligence, blockchain and quantum computing.
The Cambodian connection
Adding to the intrigue, reports have surfaced about a related theft involving Cambodia’s Prince Group, led by business tycoon Chen Zhi. Local media accounts suggest that a digital wallet associated with the conglomerate had its LuBian tokens stolen in what may be a connected or parallel cyber intrusion.
Although Chinese authorities have not confirmed any direct link between the Prince Group incident and the alleged $13 billion hack, the timing has prompted speculation about a wider campaign targeting cryptocurrency assets linked to Chinese and Southeast Asian entities.
The Prince Group, one of Cambodia’s largest investment holdings, has not publicly commented on the alleged loss of LuBian tokens. However, its name appearing alongside Beijing’s accusation has drawn attention to the vulnerability of corporate digital assets across Asia’s increasingly active cryptocurrency landscape.
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View AllA geopolitical dimension
Analysts see the accusation as part of a growing pattern of cyber blame games between Washington and Beijing. The US has long pointed to Chinese state-backed hackers as responsible for breaches involving intellectual property and sensitive government data, while China now appears to be mirroring that rhetoric by accusing American agencies of similar activities.
Beyond cybersecurity, the dispute highlights the strategic importance of cryptocurrency in global power competition. With bitcoin and blockchain technologies increasingly tied to financial sovereignty, a cyberattack of such scale if verified could have implications far beyond digital theft.
While no independent verification has been provided for China’s claims, the allegation adds a new front to US-China tensions, already strained over trade, technology, and geopolitics. The absence of official US comment leaves the matter unresolved, but Beijing’s decision to publicise the accusation suggests an intent to frame cybersecurity as a central issue in its diplomatic and ideological rivalry with Washington.
With inputs from agencies
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