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- China Accuses U.S. of Stealing $13B in Bitcoin
China Accuses U.S. of Stealing $13B in Bitcoin
Plus: 💼 Coinbase ends $2B BVNK deal, 🪙 Lido eyes automated buybacks, and the stablecoin race takes another twist.
Juan Aranovich
November 12, 2025
Hi! In today’s edition:
🕵️♂️ China accuses U.S. of stealing $13B in bitcoin
💼 Coinbase ends $2B BVNK acquisition talks
🪙 Lido DAO considers automated LDO buyback system
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China’s CVERC Accuses U.S. Government of Stealing $13B in Bitcoin: Report
China's National Computer Virus Emergency Response Center (CVERC) has reportedly accused the U.S. government of stealing around $13 billion in bitcoin that was originally hacked in 2020 from the Chinese mining pool LuBian.
According to a Global Times report, the Chinese agency claims the hack was conducted by a “state-level hacking organization” and that the delayed movement of bitcoin pointed to government involvement.
The 127,271 BTC stolen in the hack were dormant for nearly four years until mid-2024 when they were moved to wallets identified by blockchain analysts as belonging to the U.S. government.
The U.S. Department of Justice (DOJ) had claimed in an Oct. 14 indictment that the BTC seizure was a part of legitimate law enforcement action targeting criminal proceeds, specifically related to Chen Zhi, chairman of Cambodia’s Prince Group, who is under U.S. indictment for alleged crypto fraud.
The CVERC report’s preliminary findings contradict the DOJ’s claims that all funds originated from illegal proceeds.
Last month, blockchain security firm Elliptic noted in a report that “it remains unclear” how those bitcoins came to be in U.S. custody.
“It’s also unclear who ‘stole’ the bitcoins from Chen/LuBian or whether a theft really took place,” said Elliptic.
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Coinbase Ends $2 Billion Acquisition Talks With BVNK: Report
Crypto exchange Coinbase and U.K.-based stablecoin startup BVNK have mutually agreed to call off their $2 billion acquisition deal, according to a report from Fortune.
A spokesperson for Coinbase told Fortune that the deal had progressed to an advanced stage, including due diligence and exclusivity in October.
The acquisition would have been one of the largest for a stablecoin startup and would have significantly expanded Coinbase's stablecoin infrastructure capabilities.
BVNK specializes in stablecoin payments and cross-border transactions, and the proposed acquisition price was a substantial premium compared to other recent stablecoin deals, including Stripe's $1.1 billion acquisition of Bridge.
Lido DAO Considers Automated LDO Buyback Mechanism
The Lido DAO is mulling a proposed automated buyback mechanism for its LDO governance token, aiming to enhance token holder value and improve onchain liquidity.
The proposal, put forward by Lido’s key finance unit Steakhouse, said the system would automatically repurchase LDO tokens using protocol revenues amounting to around 10% of total staking rewards.
It would operate through an LDO/wstETH liquidity pool similar to Uniswap v2, and if voted in, could come into effect as early as Q1 2026. The liquidity pool and the buyback process would be managed by an Aragon Agent, a secure DAO governance tool.
The buyback mechanism would activate only under favorable market conditions — specifically when ether’s price exceeds $3,000 and the DAO's annualized revenue surpasses $40 million. However, the annual buyback budget would be capped at $10 million.
“The yearly cap is $10M and current revenue levels mean ~$4M of LDO bought per year,” noted DeFi researcher and Lido DAO delegate @DeFiIgnas on X.
🪫 Marathon Digital’s CEO Fred Thiel warned that soaring energy costs and fierce competition are squeezing Bitcoin mining profits, predicting only miners with cheap power or those pivoting to AI computing will survive future halvings.
🇧🇷 Brazil’s central bank unveiled strict crypto licensing rules requiring firms to hold up to $7 million in capital and banning unlicensed or foreign entities, while imposing a $100,000 limit on cross-border crypto transfers and bringing stablecoins under foreign exchange law.
🧊 A Bybit research report found that 16 of 166 reviewed blockchains, including BNB Chain and VeChain, already contain built-in fund-freezing features, while 19 more could easily add them, raising concerns about censorship risks in decentralized systems.
💹 Canary Capital filed the final paperwork with the U.S. SEC for the first XRP spot ETF, which is expected to debut on Nasdaq once approved, marking a milestone for Ripple’s token in traditional markets.
🏦 JPMorgan launched its blockchain-based deposit token, JPM Coin, for institutional clients to enable real-time U.S. dollar transfers on Coinbase’s Base network, with Mastercard and Coinbase among early participants.
💰 SoFi reentered the crypto space with the launch of SoFi Crypto, letting users buy and sell bitcoin, ethereum, and other digital assets directly from their insured bank accounts, marking its first crypto venture since ending the service in 2023.
🎮 Polymarket partnered with fantasy sports app PrizePicks to let users buy event-based contracts, combining prediction markets with fantasy gaming to reach new U.S. states and attract more players while keeping the offerings within regulated boundaries.
💰 Ethereum L2 trading platform Lighter raised $68 million in a round led by Founders Fund and Ribbit Capital, reaching a $1.5 billion valuation as it expands from derivatives into spot crypto trading.
