A wallet linked to billionaire Chen Zhi and the Prince Group has transferred 15,959 Bitcoin worth $1.83 billion to four addresses, as reported by on-chain analysis firm Onchain Lens. This movement follows a U.S. Department of Justice forfeiture case tied to alleged fraud and a 2020 LuBian mining pool hack.
-
Chen Zhi Bitcoin transfer involves 15,959 BTC split across four wallets, totaling $1.83 billion in value based on current prices.
-
The transfers include two batches of 4,999 BTC each at $539.8 million, plus 3,424 BTC and 2,535 BTC to other addresses.
-
This activity connects to a $14.4 billion DOJ crypto forfeiture case and a 2020 hack of LuBian, which lost 127,426 BTC valued at $3.5 billion then.
Discover the details of Chen Zhi’s massive Bitcoin transfer and its ties to fraud allegations. Explore market impacts and expert insights on this $1.83B crypto movement—stay informed on blockchain security today.
What is the significance of Chen Zhi’s recent Bitcoin transfer?
Chen Zhi’s Bitcoin transfer refers to the movement of 15,959 BTC, valued at approximately $1.83 billion, from a wallet associated with the billionaire and Prince Group leader to four distinct addresses. This activity, dormant for over three years, was flagged by blockchain analytics firms like Onchain Lens and Arkham Intelligence. It coincides with a major U.S. Department of Justice action seeking to forfeit $14.4 billion in cryptocurrency linked to alleged fraud schemes involving Zhi’s operations.
How does the LuBian hack connect to this Bitcoin movement?
The LuBian mining pool, ranked sixth-largest globally in 2020 and tied to Chen Zhi’s network, suffered a hack resulting in the theft of 127,426 BTC, equivalent to about $3.5 billion at the time. According to Arkham Intelligence’s September report, 11,886 BTC from those stolen funds had been consolidated into recovery wallets. Last week, a previously inactive wallet holding this amount—now worth over $1.3 billion—transferred 9,757 BTC initially, followed by an additional 2,129 BTC, totaling $1.1 billion to $1.3 billion across multiple new addresses. On-chain data from Lookonchain and Arkham shows these outflows broken into tranches: two of 4,999 BTC each at $539.8 million, 3,424 BTC at $369.7 million, and 2,535 BTC at $274.4 million. This timing, just 24 hours after the DOJ’s announcement of one of the largest crypto forfeiture cases, raises questions about whether the transfers represent a defensive maneuver against enforcement or a premeditated asset shuffle. Court documents detail how Zhi and associates allegedly laundered proceeds through mining entities like Warp Data in Laos, its Texas subsidiary, and LuBian in China, highlighting vulnerabilities in large-scale crypto operations.
Frequently Asked Questions
What triggered the recent activity in Chen Zhi’s Bitcoin wallet?
The wallet, dormant for more than three years, activated following the U.S. Department of Justice’s filing to forfeit $14.4 billion in Bitcoin connected to Chen Zhi’s alleged fraud schemes. On-chain analytics from firms like Arkham Intelligence tracked the initial transfer of 9,757 BTC worth $1.1 billion, with an additional deposit pushing the total to 11,886 BTC valued at $1.3 billion, distributed to new addresses for potential recovery or relocation.
Will Chen Zhi’s Bitcoin transfer impact current market prices?
Bitcoin is currently trading around $108,390 after a 4% decline in the last 24 hours, testing support at $107,000 to $108,000 following a brief pump from $114,000. Analysts at Standard Chartered predict a slide below $100,000 by the weekend due to potential sales from hackers or government seizures, though this could offer a short-term buying opportunity amid upcoming U.S. Consumer Price Index data on October 24, expected to show 3.1% inflation.
Lubian wallets are on the move again, they transferred 15,959 BTC worth $1.83B to 4 different wallets
· 4.999K BTC worth $539.76M to bc1qs8
· 4.999K BTC worth $539.76M to 3JX2dH
· 3.424K BTC worth $369.7M to 1cpnxU
· 2.535K BTC worth $274.36M to 1G9FZS… pic.twitter.com/Jo6k0xkmFQ— Onchain Lens (OnchainLens) October 22, 2025
Key Takeaways
- Massive Transfer Scale: The 15,959 BTC movement, valued at $1.83 billion, underscores the immense liquidity in wallets tied to high-profile figures like Chen Zhi, split evenly across four addresses for diversification.
- Legal and Security Ties: Linked to the 2020 LuBian hack of 127,426 BTC and a $14.4 billion DOJ forfeiture case, this activity highlights ongoing risks in crypto mining and laundering investigations.
- Market Volatility Insight: With Bitcoin dipping to $108,390 and forecasts of sub-$100,000 levels, investors should monitor U.S. economic data for directional cues and prepare for potential selling pressure from enforcement actions.
Conclusion
The Chen Zhi Bitcoin transfer and its connections to the LuBian hack represent a pivotal moment in cryptocurrency enforcement, blending on-chain movements with major legal proceedings like the DOJ’s $14.4 billion forfeiture bid. As blockchain analytics continue to expose these networks, the crypto market faces heightened scrutiny and potential price swings. Stakeholders should stay vigilant, leveraging tools from firms like Arkham Intelligence for transparency, and consider diversified strategies amid evolving regulatory landscapes to navigate future uncertainties.