Recently, analytics firm Arkham revealed details of a significant bitcoin theft from the Chinese mining pool LuBian that occurred in December 2020. Data leakage indicates that 127,426 BTC were stolen, valued at around $3.5 billion at that time.
Circumstances of the Theft
Arkham stated that the theft, now recognized as the largest in crypto history, occurred in December 2020. Although neither LuBian nor the hacker acknowledged the hack, blockchain data analysis confirmed the significant loss. The stolen bitcoins are now valued at an estimated $14.5 billion.
Consequences for LuBian
LuBian previously ranked among the top mining pools by Bitcoin's hash rate but mysteriously ceased operations in early 2021. Initially thought to be due to regulatory pressure, it is now understood to be due to this catastrophic hack. Arkham also noted that LuBian attempted to recover the funds through over 1,500 small transactions, but the hacker never responded to their pleas.
Overall Context of Cyber Threats
Cybersecurity has shown that 2025 has been challenging for cryptocurrencies, with losses of $153 million reported in July due to various incidents and hacks. These figures demonstrate the rising influence of social engineering and AI-driven attacks. According to Hacken, total losses in the first half of 2025 amounted to $3.1 billion, surpassing the losses of 2024.
The revelation of details regarding the bitcoin theft from LuBian highlights the importance of cybersecurity in the crypto industry and the need for more robust protective measures.
