In August 2025, it was revealed that a $3.5 billion Bitcoin theft from the Chinese mining pool LuBian, which occurred in 2020, had come to light through blockchain data analysis.
The $3.5 Billion Bitcoin Heist
It is reported that 127,426 Bitcoins were stolen from LuBian in 2020. Analysis by Arkham confirmed the losses for LuBian and the negative impacts on the Bitcoin market. An Arkham representative stated, "Primary on-chain analysis traced and published the stolen Bitcoin flows but did not attribute the attack to any known group or individual in its official records."
Impact on LuBian’s Liquidity
Arkham's report showed that the movement of stolen Bitcoins significantly affected LuBian’s liquidity. Most of the stolen Bitcoin remains dormant, but some were transferred after the data was released. Industry leaders have not publicly commented on this event since its disclosure.
Comparison with Previous Thefts
This incident surpasses past cases such as the Mt. Gox breach in 2014 and the Bybit hack in 2025, both of which impacted substantial sums. Historical trends indicate heightened scrutiny of security issues and preventive measures following such large-scale thefts.
The disclosure of the LuBian theft calls into question the security of cryptocurrency platforms and highlights the need for improved protective protocols and monitoring in the industry.
