A large Bitcoin theft from 2020 has surfaced practically 4 years later, and it’s now being known as the biggest crypto heist ever uncovered.
Key Takeaways:
- Arkham has revealed an undisclosed 2020 hack of 127,426 BTC from Chinese language mining pool LuBian.
- The assault exploited weaknesses in LuBian’s non-public key system, with over 90% of its BTC drained in a single day.
- LuBian tried to contact the hacker by way of Bitcoin’s OP_RETURN function.
On Saturday, blockchain analytics agency Arkham Intelligence reported that 127,426 BTC, valued at round $3.5 billion on the time and practically $14.5 billion in the present day, was stolen from Chinese language mining pool LuBian in December 2020.
LuBian rose rapidly in early 2020, changing into the sixth-largest mining pool on the Bitcoin community by mid-year.
Its web site promoted it as “the most secure excessive yielding mining pool on the earth.”
LuBian Vanished in 2021, Sparking Hypothesis of Shutdown
By February 2021, LuBian had disappeared with out rationalization, fueling hypothesis that it was both shut down by authorities or quietly transformed into a non-public pool.
Arkham’s investigation factors to a extra dramatic exit: a hack that drained the pool’s holdings.
“They seem to have been first hacked on December twenty eighth, 2020 for over 90% of their BTC,” Arkham wrote.
The next day, attackers siphoned off one other $6 million in BTC and USDT from a LuBian-linked handle on the Bitcoin Omni layer.
The agency believes the Bitcoin theft stemmed from vulnerabilities in LuBian’s non-public key technology system, which can have allowed brute-force assaults.
Whereas 11,886 BTC, price roughly $1.35 billion, stays untouched in LuBian’s pockets, not one of the stolen cash have moved since July 2024.
Curiously, LuBian tried to speak with the attacker utilizing Bitcoin’s OP_RETURN function.
BREAKING: ARKHAM UNCOVERS $3.5B HEIST – THE LARGEST EVER
LuBian was a Chinese language mining pool with amenities in China & Iran. Based mostly on evaluation of on-chain information, it seems that 127,426 BTC was stolen from LuBian in December 2020, price $3.5 billion on the time and now price… pic.twitter.com/PnIOKgMt0i— Arkham (@arkham) August 2, 2025
In two transactions, the group wrote: “To the whitehat who’s saving our asset, you may contact us… to debate the return of asset and your reward.”
The message included an e-mail handle, however it’s unclear if the hacker ever replied.
Whereas the Mt. Gox collapse concerned extra BTC, the LuBian breach is the biggest confirmed crypto theft by worth on the time of the incident.
Bitcoin Hacks, Theft Value Buyers $2.2B in H1 2025: CertiK
Crypto buyers misplaced over $2.2 billion to hacks, scams, and breaches within the first half of 2025, pushed largely by pockets compromises and phishing assaults, in keeping with CertiK’s newest safety report.
Pockets breaches alone triggered $1.7 billion in losses throughout simply 34 incidents, whereas phishing scams accounted for over $410 million throughout 132 assaults.
Two main incidents, together with Bybit’s $1.5 billion hack in February and Cetus Protocol’s $225 million exploit in Might, skewed the yr’s losses upward, collectively accounting for practically $1.78 billion.
With out these, losses align extra carefully with earlier years at round $690 million.
Ethereum remained the first goal, struggling over $1.6 billion in losses throughout 175 occasions.
The report additionally pointed to rising sophistication of phishing schemes and ongoing dangers from social engineering, urging crypto customers to confirm hyperlinks, keep away from suspicious websites, and use {hardware} wallets.
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