China Says U.S. Seized LuBian’s 127,000 Bitcoin — Ownership Dispute Emerges
Chinese regulator CVERC has accused U.S. authorities of effectively stealing a 127,000‑BTC stash they say originated with the LuBian mining pool, not illicit activity — a claim picked up by Global Times and PANews. U.S. law enforcement has described the holdings as seized assets tied to criminal probes, while Beijing’s narrative frames the move as an overreach affecting legitimate mining revenue. Details about chain‑level provenance and the evidence either side will present remain scarce.
The dispute matters for both legal precedent and market confidence: a ruling that the coins were lawfully seized could reinforce aggressive cross‑border enforcement, while a reversal would bolster miners’ property claims and heighten diplomatic tensions. For crypto users and industry players, the episode underscores the limits of on‑chain transparency versus off‑chain legal claims and the potential for geopolitical disputes to spill into the BTC market.