In December 2020, Arkham Intelligence uncovered a major theft involving 127,426 BTC from China's LuBian mining pool, which is now valued at $14.5 billion.
The Discovery of LuBian Theft
Arkham Intelligence reported a significant hack affecting LuBian, with the theft of 127,426 BTC going undetected for nearly five years. Initially valued at $3.5 billion, the stolen assets are now worth about $14.5 billion. "Our findings revealed that LuBian suffered an undetected hack resulting in the theft of 127,426 BTC." - Arkham Intelligence.
Consequences of the Theft for LuBian
The incident greatly impacted LuBian's operations, with over 90% of BTC reserves stolen. Despite the substantial losses, the theft has had minimal market impact as the stolen BTC did not significantly affect liquidity or value.
Future of Security in the Cryptocurrency Space
Experts anticipate a demand for stronger security protocols following this revelation. Recognizing early infrastructure compromises, industry observers predict potential regulatory scrutiny and technological advancements aimed at preventing similar events in the future.
The incident involving the theft of BTC from LuBian highlights the importance of enhancing security in the cryptocurrency space and the need for regulatory attention to prevent similar occurrences.
