The cryptocurrency intelligence platform Arkham has unveiled details of the largest Bitcoin theft in history that occurred in 2020, involving 127,426 BTC from the Chinese mining pool LuBian.
Discovery of the Theft
Arkham's analysis of on-chain data revealed that 127,426 BTC were stolen from the LuBian mining pool in December 2020. At the time of the theft, this amount was worth approximately $3.5 billion, and its current value is about $14.5 billion.
Details of the Incident
LuBian, which had facilities in China and Iran, controlled approximately 6% of the global Bitcoin network as of 2020. Following the attack, over 90% of its BTC reserves were lost. In the days following the incident, approximately $6 million worth of BTC and USDT was stolen from a LuBian address. LuBian attempted to retrieve the stolen bitcoins by sending messages to the hacker addresses, but neither party has publicly confirmed the incident.
Consequences and Current Situation
LuBian managed to preserve 11,886 BTC, currently worth around $1.35 billion, after the attack. However, the 127,426 stolen BTC remain under the hacker's control, making this individual the 13th largest Bitcoin holder in the world, according to Arkham. The last recorded movement of these wallets was in July 2024.
Arkham's investigation has revealed the extensive nature of one of the largest thefts in cryptocurrency history. The current valuation of the stolen BTC places the hacker among the top Bitcoin holders, highlighting the importance of robust key generation algorithms to safeguard assets.
