A massive bitcoin theft involving 127,426 BTC from LuBian, a major Chinese mining pool, remained hidden for nearly five years, according to new findings from blockchain intelligence firm Arkham.
Largest Undisclosed Crypto Heist in History
Arkham reports that in late December 2020, LuBian lost over 127,000 BTC — worth $3.5 billion at the time — in what could be the largest undetected crypto theft to date. The funds, now valued at approximately $14.5 billion, have mostly remained untouched, quietly sitting in blockchain wallets.
This attack surpasses the Mt. Gox and Bitfinex hacks in scale when adjusted for time of loss.
How the Theft Happened
The analytics firm believes the breach stemmed from flawed private key generation, leaving LuBian’s wallets open to brute-force attacks. On December 28, 2020, over 90% of LuBian’s holdings were drained in a single transaction. Two days later, another $6 million in BTC and USDT was stolen, linked to LuBian’s Omni Layer operations.
The remaining 11,886 BTC were quickly moved to new recovery wallets by December 31, signaling a last-ditch effort to secure remaining funds.
Blockchain Pleas to the Hacker
Arkham also discovered a trail of over 1,500 OP_RETURN messages embedded in the Bitcoin blockchain — originating from LuBian addresses — pleading with the hacker to return the stolen funds. These messages were sent by spending 1.4 BTC, a clear sign that LuBian’s team was actively trying to recover the lost assets behind the scenes.
Stolen Funds Still Dormant
Despite years passing, the stolen bitcoin has seen little movement, aside from a wallet consolidation in July 2024. The hacker’s wallet is now ranked as the 13th largest BTC holder globally.
Conclusion
This discovery sheds light on one of the most sophisticated and concealed exploits in crypto history. While the identity of the attacker remains unknown, the long dormancy of the stolen BTC raises questions about whether law enforcement or new technologies may eventually unmask the thief.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.