China Accuses US Of $13B BTC Theft 🕵️, SoFi Becomes First Bank Selling BTC 🏦, UK Jails $5.6B BTC Chinese Fraudster ⚖️

Greetings Bitcoiner,

Welcome to Issue #402 of Bitcoin Breakdown, where it’s our OPSEC Wednesday special, and we’re still excited about our ridiculous Early Black Friday offer: 80% off all Premium Supporter tiers with our exclusive Premium Perks.

Premium Perks:

• OPSEC Feature: Get access to a deep-dive weekly security piece to harden your stack.

• Quick Media: Exclusive access to the full Quick Media section every Monday and Friday.

• Saturday Recap: One issue that compiles the entire week’s Bitcoin news.

Don’t miss it: Grab your 80% discount here.

By upgrading, you level up your Bitcoin journey and fund independent, Bitcoin-only reporting. Thanks for helping push adoption forward - one block at a time.

Now for today’s Top Stories:

• 🕵️ China Blames US for $13B Bitcoin Heist

• 🏦 SoFi Becomes First US National Bank to Sell BTC

• ⚖️ Chinese Bitcoin Fraudster Gets 11 Years in UK's Largest Crypto Bust

TOGETHER WITH HORIZON

Horizon helps homeowners stack Bitcoin using their home equity.

With features such as no monthly payments, tax efficiency, and no term limits, Horizon can help homeowners diversify their wealth to secure their financial freedom.

Get started today, and discover your home's Bitcoin potential.

Nov 12, 2025

TODAY’S TOP STORIES

🕵️ China Blames US for $13B Bitcoin Heist

China's cybersecurity watchdog CVERC accused the US government of orchestrating the 2020 theft of 127,272 BTC from LuBian mining pool, worth about $13B today. The allegation involving about 0.65% of total Bitcoin supply, coincides with US prosecutors seizing the same bitcoin in their largest-ever forfeiture action against Cambodian businessman Chen Zhi. China claims the quiet movement patterns suggest state-level hacking rather than typical criminal behavior, calling it a classic 'black eats black' government operation. Bloomberg

🏦 SoFi Becomes First US National Bank to Sell BTC

SoFi Technologies just made banking history by becoming the first US nationally chartered bank to let customers buy, sell, and hold BTC directly in their accounts. Backed by FDIC insurance and full federal oversight, this move comes after a Trump-era deregulatory shift allowing banks to offer crypto. SoFi’s 12.6M members will gain phased access by 2025, with the bank eyeing a stablecoin, lending, and payment products — further turbocharging Bitcoin’s role in mainstream finance. Business Wire

⚖️ Chinese Bitcoin Fraudster Gets 11 Years in UK's Largest Crypto Bust

Zhimin Qian, the so-called ‘Bitcoin Queen,’ has been sentenced in the UK to over 11 years for orchestrating a $5.6B Ponzi scheme and laundering nearly $845M into BTC. Authorities seized a jaw-dropping 61,000 BTC (worth over $6B today) in Europe’s largest-ever crypto asset recovery. Fleeing across Asia before settling in Britain, Qian evaded capture for 6 years. With bitcoin’s surge since her crimes, victims are hoping to recover more than they lost. Bitcoin Magazine

POLL #402

PREVIOUS POLL RESULTS

OPSEC FEATURE ARTICLE

Beat the Spy Drone: A Bitcoin OPSEC Playbook With Real-World Tactics

Consumer drones are now small, quiet, and smart enough to peek through a window and read what’s on your desk or screen.

If you self-custody Bitcoin, that’s not a ‘cool gadget’ problem - it’s an attack surface.

This week’s OPSEC guide shows you how to harden your environment and workflows so a micro-drone leaves with nothing.

Get instant access to this special feature by becoming a premium supporter here.

QUICK BITS

• Bitcoin ETFs attract $524M in largest single-day inflows since October market crash, while smart money traders add $8.5M in net long positions, signaling renewed institutional confidence and growing optimism.

• Secured Overnight Financing Rate (SOFR) plunges dramatically as cheaper overnight financing floods US markets, potentially boosting Bitcoin and risk assets through increased liquidity.

• Bitcoin user accidentally pays over $105K in transaction fees to send just $10, highlighting an unusual error that experts call non-standard transaction crafting.

• Sygnum survey reveals that 61% of global institutional investors plan to increase digital asset exposure as the Bitcoin and crypto market matures.

• Bank of England proposes new regulations for sterling stablecoins, including allowing up to 60% of reserves in short-term UK debt and a £20,000 transaction limit per individual.

• Musqet, a UK payment services company specializing in Bitcoin and traditional transactions, partners with Vodafone IoT to enable secure borderless payments across 180+ countries through innovative point-of-sale terminals.

• US Senators John Boozman and Cory Booker unveil a bipartisan draft bill transferring oversight of Bitcoin and crypto from SEC to CFTC, classifying most cryptocurrencies as digital commodities.

• Northern Data, a German high-performance computing and former bitcoin mining operator, finalizes merger agreement with US video platform Rumble.

• Bybit partners with Taxbit to automate tax reporting compliance under CARF and DAC8 regulations across 70+ jurisdictions globally.

• James Wynn, a high-leverage crypto trader, continues shorting Bitcoin despite suffering 12 liquidations in 12 hours, betting all remaining funds on BTC declining below $92,000.

• JPMorgan Chase gets investigated by Florida Attorney General James Uthmeier over alleged debanking of Trump Media and Truth Social.

• Strive Asset Management, the investment firm backed by entrepreneur and former presidential candidate Vivek Ramaswamy, purchases 1,567 BTC worth $162M, expanding total Bitcoin holdings to 7,525 BTC.

• TeraWulf, a US-based Bitcoin mining company, reports 87% revenue increase to $50.6M in Q3.

• Ethereum treasury firms are having a ‘bad time’ as many fall below the value of their stockpile.

• Willy Woo suggests storing BTC in SegWit wallets for 7 years to protect against quantum computing threats, with critics arguing this approach provides insufficient protection.

• CryptoQuant analyst identifies rare liquidity pattern with Stablecoin Supply Ratio hitting historic lows, mirroring 2020-2021 conditions that preceded major Bitcoin rallies.

• Strategy acquires another 487 BTC for $50M, bringing total holdings to 641,692 BTC.

MEME OF THE DAY

Bitcoin Breakdown has the highest signal-to-noise ratio in its class. If you find our work useful and want to see the publication grow, consider supporting us on Geyser.

Every contribution is a sign that we’re on the right track. We know your time is valuable, and we’re here to help you make the most of it. Thank you for your support.

Thank you for reading!

If you received it from a friend and would like to subscribe, you can do so here:

Until our next transmission,

P.S. Looking to start your own newsletter? Use this link to sign up for beehiiv and get a 30-day free trial plus a 20% discount.