$14.5 Billion Bitcoin Heist Unveiled: LuBian Mining Pool Hacked in 2020

  • Largest crypto theft ever: 127,426 BTC stolen from LuBian in 2020, now worth $14.5 billion.
  • Hack exploited a vulnerable private key algorithm, remaining undetected for nearly five years.
  • LuBian’s OP_RETURN messages reveal desperate attempts to recover stolen funds.

In a shocking revelation, blockchain intelligence firm Arkham Intelligence has uncovered the largest cryptocurrency theft in history, involving the Chinese mining pool LuBian.

On December 28, 2020, hackers stole 127,426 BTC—valued at $3.5 billion at the time—through a sophisticated exploit that remained hidden for nearly five years. With Bitcoin’s price surge, the stolen assets now amount to an astonishing $14.5 billion, making the unidentified hacker the 13th largest BTC holder globally, surpassing even the infamous Mt. Gox hacker.

The breach, disclosed on August 2, 2025, via an X post by @CryptoPatel, has sent ripples through the crypto community, exposing critical vulnerabilities in mining pool security. The hack exploited a flaw in LuBian’s private key generation algorithm, rendering it susceptible to brute-force attacks. LuBian, which controlled nearly 6% of Bitcoin’s hash rate in 2020, vanished in February 2021 amid China’s crypto mining crackdown, fueling speculation that the theft was deliberately concealed to evade regulatory scrutiny.

Arkham’s investigation revealed that over 90% of LuBian’s BTC holdings were drained in a single sweep, with an additional $6 million in BTC and USDT siphoned two days later from a related wallet. Remarkably, LuBian retained 11,886 BTC ($1.35 billion today) and attempted to negotiate with the hacker via 1,516 OP_RETURN messages, spending 1.4 BTC in the process—a rare glimpse into the aftermath of such a breach.

Read Also: Hackers Stole $1.67B in Early 2025 as Crypto Exploits Surge, Says CertiK

This incident underscores the evolving risks in the crypto ecosystem, where even large players can fall victim to undetected cyberattacks. The stolen BTC’s dormancy since a July 2024 wallet consolidation suggests the hacker may be biding time, raising concerns about potential future laundering.

As the industry grapples with this revelation, calls for enhanced security protocols, including advanced encryption and real-time monitoring, are growing louder. For now, the LuBian heist stands as a stark reminder of the need for transparency and robust defenses in the decentralized finance world.

Read Also: How to Spot Scam Tokens: A Comprehensive Guide for Crypto Investors

Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.

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