Bitcoin News Today: Blockchain Analytics Firm Exposes $14.5B Bitcoin Heist by LuBian

Blockchain analytics firm Arkham Intelligence has uncovered one of the largest Bitcoin thefts in history, revealing a $14.5 billion heist at the Chinese mining pool LuBian in December 2020[1]. At that time, the stolen 127,426 BTC was valued at $3.5 billion; with Bitcoin’s significant price increase, the total value has now reached over $14.5 billion[2]. The incident exposed a critical vulnerability—weak private key generation—which allowed the hacker to drain over 90% of LuBian’s holdings in a single transaction on December 28, 2020[3]. Two days later, an additional $6 million in BTC and USDT was siphoned from a related wallet on the Bitcoin Omni layer.

In a desperate attempt to recover the stolen assets, LuBian sent over 1,500 Bitcoin transactions embedded with OP_RETURN messages, directly pleading with the attacker to return the funds. However, the hacker never responded[3]. Since the theft, the stolen Bitcoin has remained largely untouched, with the last movement of the funds occurring in July 2024, when the hacker consolidated the wallet. Today, the wallet is ranked as the 13th largest in the Bitcoin network, surpassing even the infamous Mt. Gox wallet[3].

LuBian was one of the largest mining pools, controlling approximately 6% of Bitcoin’s network hash rate before its sudden shutdown in early 2021. While the shutdown was previously attributed to regulatory pressures, Arkham’s findings suggest that the real cause was a large-scale, undetected cyber breach[3]. The stolen assets have not been laundered and show no signs of movement, indicating that the hacker may still hold them.

The breach surpasses previous major crypto thefts, such as the $1.5 billion Bybit exploit in 2025, and highlights longstanding vulnerabilities in blockchain infrastructure and key management protocols[3]. With over $3.1 billion already lost to crypto hacks in the first half of 2025, the LuBian case has renewed urgent calls for enhanced security measures across the industry[3]. Experts warn that in the cryptocurrency space, even minor security lapses can lead to massive, long-term financial losses that may remain hidden for years.

Arkham Intelligence’s CEO, Miguel Morel, emphasized the scale of the theft, stating that neither LuBian nor the hacker has publicly acknowledged the incident. “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,” he said[3].

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Source:

[1] Bitcoin News: Arkham Intelligence Exposes $14.5 Billion ...

(https://coinmarketcap.com/academy/article/bitcoin-news-arkham-intelligence-exposes-dollar145-billion-bitcoin-theft-from-chinese-mining-pool-lubian)

[2] $14.5B In Stolen Bitcoin? Arkham Intelligence Unveils ...

(https://www.tradingview.com/news/newsbtc:837d71315094b:0-14-billion-in-stolen-bitcoin-arkham-intelligence-unveils-biggest-btc-heist-to-topple-bybit-s-1-5-billion-theft/)

[3] $14.5B in Stolen Bitcoin Exposed: Secret Heist From ...

(https://www.cryptoninjas.net/news/14-5b-in-stolen-bitcoin-exposed-secret-heist-from-chinese-mining-giant-finally-revealed/)