US Dominance Over Global Cryptocurrency Markets Raises Concerns

A recent report by China's National Computer Virus Emergency Response Center (CVERC) has shed light on the extent of the United States' influence over global cryptocurrency markets.

The report, titled 'Top player: Analysis of global virtual currency assets extortion under the U.S. technology hegemony,' claims that between 2022 and 2025, the US confiscated more than $30 billion in cryptocurrency assets worldwide through various cases. The majority of this amount came from a single case involving Chen Zhi.

The CVERC report argues that the US has built a system of 'technological intrusion – regulatory coordination – enforcement action' to control global virtual currency transactions and impose its own regulations. By controlling technical tools such as blockchain protocols, critical nodes, and on-chain data analytics, the US is able to incorporate global virtual currency transactions into its domestic regulatory framework through long-arm jurisdiction.

Criminal prosecutions, confiscations, and fines then serve as mechanisms for large-scale asset transfers. The report presents several high-profile cases as examples of this system in action, including the seizure of $15 billion worth of bitcoins from Chen Zhi and a $4.3 billion fine imposed on Binance and its founder Zhao.