In late December 2020, the Chinese mining pool LuBian fell victim to a massive theft, losing 127,426 BTC. This theft, valued at $3.5 billion at the time, is now worth approximately $14.5 billion, making it the largest in cryptocurrency history.
Overview of LuBian
LuBian was ranked among the largest mining pools, handling nearly 6% of Bitcoin's total computing power as of May 2020. Its operations spanned China and Iran.
Scale of the Theft and Implications
On December 28, 2020, attackers drained over 90% of LuBian's assets. The following day, roughly $6 million worth of Bitcoin and USDT vanished from a LuBian address. LuBian later moved the remaining balance to secure wallets, and hackers even received messages pleading for the return of stolen funds, costing LuBian 1.4 BTC.
Comparison with Other Thefts
LuBian's loss shattered the previous record set by Bybit in February 2025, when hackers stole $1.5 billion. LuBian's theft now amounts to $14.5 billion, placing the hacker as the 13th largest BTC holder.
The LuBian hack illustrates the vulnerabilities in cryptocurrency platforms and may shape new security requirements in the industry.
