Arkham Intelligence has presented data on the theft of 127,426 BTC from the Chinese mining pool LuBian, marking one of the largest incidents in cryptocurrency history.
Incident Overview
The theft occurred in December 2020, totaling 127,426 BTC, now valued at over $14 billion. LuBian accounted for 6% of Bitcoin's hash rate, making this incident one of the most significant cybercrime cases.
Market Implications
This incident has highlighted severe security flaws within the cryptocurrency ecosystem. The sophisticated attack has raised concerns about unacknowledged breaches potentially impacting market stability. Arkham reports that the stolen Bitcoin remains largely untouched, raising additional questions.
Reactions and Future Measures
In response to the incident, discussions are underway regarding the need for new regulatory frameworks and technological solutions to prevent such thefts in the future. Miguel Morel, founder of Arkham Intelligence, stated: "Based on analysis of on-chain data, it appears that 127,426 BTC was stolen from LuBian in December 2020, worth $3.5 billion at the time and now worth $14.5 billion. Neither LuBian nor the hacker has publicly acknowledged the hack."
The LuBian incident emphasizes the necessity of security in the cryptocurrency space and the need for advanced technologies and regulations to protect assets.
