The US could claim another $2 billion worth of Bitcoin related to the defunct LuBian mining pool, even though it has already announced the largest cryptocurrency seizure in history.
On October 15, blockchain researcher Sani reported that approximately 16,237 BTC, worth approximately $1.8 billion at current prices, continues to move between addresses linked to LuBian.
These include:
- bc1qvrwzs8unvu35kcred2z5ujjef36s5jgf3y6tp8: 13,107 BTC
- bc1q42ltpxsc6s8fne0jz474tvuvyq2sqw26ud80xy: 2,129 BTC
- bc1q4c9q0nva573jgs7vxu9hf0qyfqqtzy8awn77s0: 1,000 BTC
Notably, these wallets were not listed among the 25 addresses in the US forfeiture application documenting approximately 127,000 BTC that the government is seeking to seize.
However, this discrepancy does not necessarily mean federal employees are missing out on funds. Some addresses may remain sealed based on court orders, while others may belong to intermediaries within laundering networks.
Still, the movement of these coins suggests that researchers have yet to fully map the network’s control structure.
Strategic Bitcoin Reserve
If the US government recovers the additional 16,237 BTC and the seized 127,000 BTC, the country’s total Bitcoin holdings would increase to approximately 343,000 BTC. This amount represents approximately 1.6% of the total supply of the asset.
This holding will undoubtedly make the US government the largest nation-state holder of the top cryptocurrency.
Additionally, the stash puts the U.S. just behind Michael Saylor’s Strategy Inc. (formerly MicroStrategy Inc.). The company’s treasury holds approximately 640,000 BTC, which is more than 3% of the total Bitcoin supply.
Meanwhile, the LuBian case is also the first real test of the Strategic Bitcoin Reserve (SBR), a program created under President Donald Trump’s March 2025 executive order to manage seized digital assets.
Sen. Cynthia Lummis said the seized bitcoins show the U.S. Congress needs to “pass clear digital asset market structure legislation so law enforcement can act decisively against bad actors while protecting innovation.”
She added:
“Codifying how seized Bitcoin is stored, returned to victims, and protected for future generations. Turning the proceeds of crime into an asset that strengthens America’s strategic Bitcoin reserve shows how sound policy can turn fraud into an enduring national value.”
How did Rubian collapse?
LuBian, once ranked among the world’s top six Bitcoin miners, controlled about 6% of the world’s hashing power through operations in China and Iran.
Its downfall came in late 2020, when a vulnerability in the key generation algorithm allowed attackers to exfiltrate 127,426 BTC (worth $3.5 billion at the time) from the wallet. Arkham Intelligence first reported the theft in August 2025.
Desperate to recover its funds, Rubian broadcast hundreds of on-chain messages imploring hackers to return their coins, offering a reward for recovery.
Blockchain analytics firm Elliptic later estimated that the company spent more than $40,000 submitting these embedded petitions before disappearing from the network in early 2021.
On October 14, U.S. authorities released an indictment alleging that the stolen assets were linked to a fraud network linked to the Prince Group, a Cambodian conglomerate led by Cheng Gyi.
Authorities say Chen’s associates funneled the proceeds of the “pig butchering” scam, a massive online investment scam, into crypto mining operations like LuBian.
(Tag translation) Bitcoin
