The Chen Zhi case and the Zhao Changpeng case: The United States profited nearly $20 billion from them.

Author: Yuan Hong , Global Times

On February 26, a new report jointly released by the National Computer Virus Emergency Response Center of China and other departments revealed the process by which the United States used its technological hegemony to seize global virtual currency assets. According to incomplete statistics, from 2022 to 2025, the United States has seized more than $30 billion worth of global virtual currency assets through various cases, of which the Chen Zhi case alone accounted for $15 billion, or 50%.

On the 26th, the China National Computer Virus Emergency Response Center, the National Engineering Laboratory for Computer Virus Prevention and Control Technology, 360 Digital Security Group, and Antiy Labs Technology Co., Ltd. jointly released the report "Ready Player One: An In-Depth Analysis of the Global Virtual Currency Asset Harvesting Operation Under the US Technological Hegemony." The report, using typical cases such as the Chen Zhi case and the Zhao Changpeng case as examples, systematically analyzes the process logic and technical details of the US using its technological hegemony to harvest global virtual currency assets, starting from the background of blockchain technology and security risks. It also deeply deconstructs its national-level cyberattack methods and deep-seated political motives, providing a reference for countries around the world to cope with the threat of digital hegemony.

In an interview with the Global Times, Du Zhenhua, a senior engineer at the National Computer Virus Emergency Response Center, explained the background of the report: Public data from international institutions shows that as of the end of January 2026, the total market capitalization of global virtual currency assets was approximately US$2.73 trillion, of which Bitcoin's total market capitalization reached US$1.57 trillion. During the same period, the value of gold reserves held by central banks worldwide was approximately US$5.83 trillion. "The market capitalization of virtual currency assets has reached about 47% of the total market capitalization of global official gold reserves, indicating that virtual currency assets have become a new type of financial asset that cannot be ignored."

Against this backdrop, the US government's policy evolution regarding virtual currencies has progressed from initial neglect to gradual regulation, culminating in comprehensive legislation by 2025. "The newly released report, through detailed content and specific cases, demonstrates how the US, leveraging its first-mover advantage in technology, industrial clusters, a comprehensive legal system, and strong enforcement capabilities, has constructed a three-pronged system of 'technological advantage—legal binding—institutional enforcement.' Using the virtual asset sector as a key tool, it employs precise and large-scale digital plundering through methods such as cyberattacks, rule-based containment, deceptive tactics, targeted exploitation, and deep-sea fishing, severely infringing upon the technological sovereignty, economic interests, and political security of countries worldwide," said Du Zhenhua.

The report reveals that the United States is the "number one player" in the massive international cryptocurrency "gamble," and has long held the "house" position. In the cryptocurrency asset sector, the US controls the core R&D rights of mainstream global blockchain protocols, key node control, and on-chain data analysis technology. Leading blockchain companies (such as Chainalysis and Elliptic) are dominated by the US, holding over 90% of the global on-chain traceability market share. Leveraging its technological advantages and rule-making power, and with the cooperation of its allies, the US has incorporated global cryptocurrency asset transactions into its own regulatory framework and cross-border enforcement system based on long-arm jurisdiction. Through civil confiscation, criminal prosecution, and fines, the US has massively seized overseas cryptocurrency assets.

The Chen Zhi case and the Zhao Changpeng case: The United States profited nearly $20 billion from these two major cases.

The Chen Zhi case and the Zhao Changpeng case are two typical examples of the United States using its technological hegemony to harvest virtual assets globally. The report states that the two cases fully demonstrate the closed loop of the United States' harvesting through "technological advantage - regulatory binding - institutional enforcement," and its process logic and technical details have distinct hegemonic characteristics.

On January 7, the Ministry of Public Security extradited Chen Zhi (a Chinese national), the head of a major cross-border gambling and fraud crime syndicate, from Phnom Penh, Cambodia, back to China. Chen Zhi's criminal syndicate is suspected of multiple crimes, including operating casinos, fraud, illegal business operations, and concealing criminal proceeds. Currently, Chen Zhi has been placed under coercive measures in accordance with the law, and the relevant cases are under further investigation.

The report shows that in October 2025, the U.S. Attorney's Office for the Eastern District of New York announced criminal charges against Chen Zhi, founder of the Prince Group in Cambodia, for crimes including wire fraud and money laundering. At the same time, it announced the confiscation of approximately 127,000 Bitcoins under his control, which were worth about $15 billion at the time, setting a record for the largest virtual asset confiscation in the history of the U.S. Department of Justice.

The report shows that, "According to incomplete statistics, from 2022 to 2025, the United States seized more than $30 billion worth of virtual currency assets globally through various cases, with the Chen Zhi case accounting for 50% of the seized assets."

“From a geostrategic perspective, this operation goes far beyond the superficial ‘just law enforcement’ and crackdown on Southeast Asian fraud networks. It is a systematic and precise example of the US leveraging its rule-making power, technological tracking advantages, and global intelligence network to harvest assets from potential competitors or illicit forces. Under the banner of ‘protecting victims’ rights, the US directly transformed the virtual currency assets involved in the case into strategic financial reserves under its own control, completing a glamorous and legalized transfer from the end of the criminal chain to national assets,” Zhou Hongyi, founder of 360 Group, told the Global Times.

Zhou Hongyi commented that the US's unilateral exploitation not only disrupts the law enforcement activities of other countries and causes secondary losses to victims, but also interferes with the global flow of virtual currency assets, undermines the financial stability of emerging market countries, and ultimately aims to consolidate the dollar's hegemonic position in the field of digital finance.

The case of Binance, a renowned international cryptocurrency exchange, and its founder Changpeng Zhao is another typical example of how the United States uses its judicial hegemony and technological surveillance to force global virtual asset platforms to comply with its regulatory rules, thereby achieving economic exploitation and the export of its rules.

From 2023 to 2025, the United States pursued both civil and criminal charges against Changpeng Zhao. Ultimately, Binance paid a $4.3 billion fine based on a plea agreement.

"During the investigation, the United States employed comprehensive technical monitoring methods, achieving full penetration and evidence collection of Binance's operational, user, and transaction data, demonstrating its technological advantages in the field of digital asset platform monitoring," Du Zhenhua further explained. He added that the United States used hacking techniques to penetrate Binance's internal servers, obtaining core operational data and executive communication records, proving that Binance executives were aware of US regulatory rules but deliberately circumvented compliance requirements.

Du Zhenhua analyzed that the enforcement logic of this case presents a clear characteristic of "rule pre-setting - technical evidence collection - fine harvesting", that is: the United States first brings global virtual asset platforms into the regulatory scope of long-arm jurisdiction through domestic regulations, then uses technical means to fix evidence of platform violations, and finally achieves economic harvesting with huge fines, while forcing platforms to accept the United States' compliance transformation, thereby strengthening the United States' rule dominance in the field of virtual currency assets.

He also stated, "Throughout the entire law enforcement process, for a large number of fraud victims, it was like the mantis stalking the cicada, unaware of the oriole behind. The US has condoned telecom fraud, and most of the huge profits it has seized through technological hegemony have not been returned to the victims, which in fact constitutes an indirect plunder of other countries' property."

The US government supported hacking groups in targeting more than 20 cryptocurrency exchanges worldwide.

The report states that, as is widely known, the United States, a veritable "hacker empire," possesses the world's largest national-level hacking force. From 2023 to 2025, hacker groups with US government backing launched targeted attacks against more than 20 mainstream virtual currency asset exchanges worldwide. Attack methods included backdoor implantation, spear phishing, and supply chain infiltration, with a primary focus on stealing user wallet private keys, platform transaction records, and compliance information. The targets covered platforms in multiple countries and regions across Asia, Europe, and Africa.

Xiao Xinguang, founder of Antiy Labs, analyzed that "based on the timeline comparison, some of the attacks are related to law enforcement actions by the U.S. Department of Justice, the U.S. Treasury Department's Office of Foreign Assets Control (OFAC), and other departments targeting the virtual asset field."

Xiao Xinguang stated that the United States has a long history of profit-seeking behavior in its law enforcement efforts regarding virtual currencies. The historically significant "Silk Road" case is a typical example of using law enforcement and technological means to track down, seize, hoard, and auction off third-party assets, subsequently converting them into US government assets – a practice that has become a common tactic for the US to seize global wealth and alleviate its own economic crisis. On the other hand, by controlling the regulatory rules and trading patterns of virtual assets, the US integrates its digital financial system into the dollar-dominated global financial system, preventing countries sanctioned and blocked by the US from using virtual currency assets to bypass the dollar for settlements, thereby strengthening its long-arm jurisdiction.

The report cites data from the U.S. Department of Justice showing that law enforcement actions in the virtual asset sector can generate tens of billions of dollars in revenue annually, while also strengthening the global reliance on the U.S. dollar for virtual currency asset trading and further consolidating the dollar's international currency status.

"In fact, the Bitcoin that has already been auctioned off is only a drop in the ocean compared to what it has forcibly seized; the majority has become strategic Bitcoin reserves. The US government is attempting to hedge against the global trend of de-dollarization by controlling 'digital gold.' The US is reaping global virtual assets by leveraging its technological hegemony, with the fundamental aim of consolidating its economic dominance and the international status of the dollar," said Xiao Xinguang.

The report concludes that this article systematically exposes the sinister plot of the US government, which relies on technological hegemony, uses financial innovation as a cover, uses virtual currency assets as a vehicle, aims to maintain and upgrade the dollar hegemony system, and ultimately seeks to continue to reap the benefits of the world.