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Key Takeaways

A hacker stole 127,426 Bitcoin from Chinese language mining pool LuBian in December 2020, now valued at over $14.5 billion.
Lubian abruptly stopped operations with out a proof two months after the hack.

A large theft of 127,426 Bitcoin (BTC) from the secretive Chinese language mining pool LuBian in 2020, which was uncovered at this time, has sparked issues within the crypto group because the hacker nonetheless holds your complete stash greater than 4 years after the incident.

The stolen BTC stash, value $3.5 billion on the time, is now valued at over $14 billion, in response to a brand new report from Arkham Intelligence.

It seems that LuBian was utilizing an algorithm to generate its non-public keys that was prone to brute-force assaults. This may occasionally have been the vulnerability exploited by the hackers.

LuBian preserved 11,886 BTC, presently value $1.35B, which they nonetheless maintain. The hacker additionally… pic.twitter.com/ADWPgLLio1

— Arkham (@arkham) August 2, 2025

It isn’t solely the most important crypto heist in historical past but in addition one of many longest-concealed circumstances. LuBian, which managed practically 6% of Bitcoin’s community hash fee in Could 2020, has by no means publicly disclosed the breach.

Inside the most important crypto heist

As traced by Arkham, the hack occurred on December 28, 2020, with greater than 90% of LuBian’s BTC holdings being drained. Arkham means that LuBian used an insecure algorithm to generate non-public keys, which made them weak to brute-force assaults.

The day after the assault, a LuBian-linked deal with misplaced an extra $6 million in Bitcoin and USDT on the Bitcoin Omni layer.

On December 31, LuBian moved its remaining 11,886 Bitcoin, presently value about $1.3 billion, to restoration wallets.

After the hack, the agency broadcast messages throughout 1,516 Bitcoin transactions requesting the return of stolen funds, spending 1.4 Bitcoin within the course of.

The hacker’s stash of 127,426 BTC stays untouched since a pockets consolidation in July 2024, whereas LuBian’s holdings sit at 11,886 BTC. The unknown exploiter has climbed to thirteenth place among the many prime BTC holders, outranking the notorious Mt. Gox hacker.

LuBian stopped mining in early 2021

The hack might clarify why LuBian quietly disappeared from the Bitcoin community in early 2021. Given the agency’s secretive operations, it’s maybe no shock that the previous top-tier miner selected to fade reasonably than disclose a breach of this scale.

Based on information from mempool.house, Lubian’s final recognized mining exercise occurred on March 1, 2021, when it mined Bitcoin block 672,636.

On the time, trade observers speculated the halt was linked to China’s and Iran’s clampdown on crypto mining. These areas had been believed to be Lubian’s lively areas.

China introduced a crackdown on Bitcoin mining and buying and selling in Could 2021, adopted by a number of provinces ordering shutdowns of mining operations by means of June.

By September 2021, Chinese language authorities issued a nationwide discover declaring crypto mining an “out of date” trade, successfully enacting a complete ban on each mining and buying and selling.