2020's Massive Bitcoin Heist Revealed by Arkham Analysis

A stealthy theft of 127,426 Bitcoin from the LuBian mining pool in December 2020 has been uncovered through on-chain analysis, revealing a $3.5 billion heist, now valued over $14.5 billion.

The incident’s emergence underscores unseen vulnerabilities in major mining operations and highlights substantial implications for cryptocurrency security protocols and market stability worldwide.

2020’s Massive Bitcoin Heist Revealed by Arkham Analysis

In December 2020, a crypto heist saw 127,426 BTC stolen from China’s LuBian mining pool, initially valued at $3.5 billion. This incident stayed undisclosed until Arkham Intelligence’s recent analysis uncovered the theft.

The LuBian, which held 6% of the global Bitcoin network, experienced this large-scale theft without any public statements from its leadership. The attacker remains unidentified, with no official disclosures or comments made publicly.

“The previously undisclosed heist of 127,426 BTC from LuBian mining pool is now recognized as the largest Bitcoin theft on record.” – Arkham Intelligence Analyst, Arkham Intelligence

127,426 BTC Stolen from LuBian Mining Pool

The current value of the stolen BTC exceeds $14.5 billion, impacting market perceptions around crypto-security. No evidence of rescue funding for LuBian is available, and industry leaders have largely stayed silent on the incident.

Arkham’s analysis highlights the need for enhanced security in the industry. While 90% of LuBian’s BTC was drained, the attacker hasn’t liquidated the assets, and their wallet ranks as the 13th largest globally.

LuBian Heist: Bigger Than Mt. Gox and Ronin Bridge

This incident eclipses past hacks like Mt. Gox and the 2022 Ronin Bridge. Large previous cases, such as WazirX and KuCoin, were significantly smaller than LuBian’s Bitcoin loss.

Industry experts stress the need for improved security and transparency. Kanalcoin suggests focusing on private key security as discussions on forums increase regarding operational transparency for mining pools.

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