Arkham Reveals Bitcoin Heist at LuBian Mining Pool
Arkham Intelligence uncovers a historic Bitcoin theft from LuBian Mining Pool involving 127,426 BTC, now valued at over $14 billion.
- LuBian Mining Pool suffered major Bitcoin theft, revealing significant losses.
- 127,426 BTC stolen, now valued at over $14 billion.
- Incident remained undisclosed for years, with no direct market outcome.
Arkham Intelligence revealed that 127,426 BTC were stolen from the Chinese mining pool LuBian in a December 2020 hack, marking it as the largest Bitcoin heist.
The incident highlights severe security flaws within crypto ecosystems, surpassing previous thefts, and raises concerns about unacknowledged breaches affecting market stability.
Arkham Intelligence uncovered one of the largest Bitcoin thefts in history. The Chinese mining pool, LuBian, lost 127,426 BTC worth $14 billion today. The sophisticated hack occurred in December 2020.
The event involves LuBian Mining Pool, which held 6% of Bitcoin’s hash rate. No statements from LuBian’s leadership followed Arkham’s disclosure.
LuBian’s abrupt shutdown in early 2021 was previously linked to regulatory issues. However, the massive financial impact from the theft is now clear. It overshadows past breaches like Mt. Gox and Bitfinex.
Arkham’s report indicates the stolen BTC remains largely unmoved, with no laundering evidence. The hack surpassed previous thefts in scale, marking a new height in cryptocurrency losses.
The disclosure lacks comments from Chinese authorities or global agencies as of now. Major industry figures have also refrained from public statements regarding the issue.
Speculation mounts on future regulatory actions and technology approaches to safeguard against such incidents, leveraging historical insights and advanced cryptographic solutions. Here’s what Arkham tweeted about the significant crypto market trends.
Miguel Morel, Founder/CEO, Arkham Intelligence: “Based on analysis of on-chain data, it appears that 127,426 BTC was stolen from LuBian in December 2020, worth $3.5 billion at the time and now worth $14.5 billion. Neither LuBian nor the hacker has publicly acknowledged the hack.” Arkham
More From Crypto News
Indian Exchange Denies Hack After $16M Suspicious Outflows
CoinDCX, India’s largest crypto exchange by reported user base, has denied suffering a security breach after blockchain investigators flagged approximately $16...
CZ Says AI Hacking Fears Miss a Bigger Crypto Risk
Binance founder Changpeng Zhao has pushed back on a growing narrative in crypto security circles, arguing that fears about AI-powered hacking may be distracting...
Bitcoin Eyes $85K: What the Charts Signal Next
Bitcoin is pressing toward the $85,000 area, a level that chart-watchers have flagged as the most closely monitored resistance on the current advance. Whether t...
CoinDCX $16M Hack Claims Challenged by Blockchain Investigators
Blockchain investigators are publicly accusing Indian crypto exchange CoinDCX of misrepresenting details of a reported $16 million hack, raising questions about...
Bitcoin ‘Goes to Zero’ After a Hack, Chamath Predicts
Venture capitalist Chamath Palihapitiya has predicted that Bitcoin could go to zero in the wake of a major hack, framing a credible security failure as the scen...
Grayscale Lets Eligible Investors Swap Tokens for ETF Shares
Grayscale says the new mechanism allows qualifying investors to tender cryptocurrency tokens and receive corresponding fund shares in return, rather than purcha...
