A recent investigation reveals one of the largest hacks in Bitcoin's history occurred in 2020, involving significant losses from the Chinese mining pool LuBian.
Evidence of the Theft
According to blockchain analytics firm Arkham Intelligence, hackers targeted LuBian, one of the largest mining pools in 2020. The theft involved 127,426 BTC, valued at $3.5 billion at the time, and currently exceeding $15 billion. The hacker has yet to make any significant movements with the stolen funds.
Methods of the Attacker
Arkham's analysis suggests that LuBian was using a vulnerable private key generation system, which allowed the attack to occur. The hacker was able to drain over 90% of the pool's BTC within two days. In an attempt to recover its assets, LuBian moved remaining funds to secure wallets and even tried contacting the hacker through blockchain transactions.
Impact on the Cryptocurrency Market
Cyberattacks remain a significant issue for the crypto industry, with over $3.1 billion in losses recorded this year due to hacks and scams. With growing sophistication in attacks, there is increasing pressure on the industry to adopt stronger security measures.
The LuBian theft raises concerns over security within the crypto industry, highlighting the need for enhanced asset protection methods.
