A wallet associated with the Chinese Bitcoin mining operation LuBian transferred approximately $1.3 billion worth of Bitcoin (BTC) on October 15, 2025, just one day after the United States Department of Justice (DOJ) unsealed an indictment seeking to seize $14.4 billion in BTC tied to alleged fraud. Blockchain analytics firms Lookonchain and Arkham Intelligence reported that the wallet, dormant for three years, moved 9,757 BTC (worth about $1.1 billion) initially, followed by an additional 2,129 BTC (worth around $238 million) hours later, totaling 11,886 BTC.
The DOJ's case targets Prince Holding Group, a Cambodia-based company led by founder Chen Zhi, accused of orchestrating wire fraud and money laundering schemes. Prosecutors allege that illicit proceeds were laundered to fund crypto mining operations, including LuBian, which was the sixth-largest Bitcoin mining pool in 2020. According to Arkham, LuBian was hacked in 2020 for 127,426 BTC (valued at $3.5 billion then), and the recent movement matches funds from that incident.
If the court approves the forfeiture, the seized Bitcoin could become part of the U.S. government's strategic Bitcoin reserve, established by an executive order from President Donald Trump in March 2025. This case highlights increased government tracking of illicit crypto assets and could influence market dynamics.
