Arkham Intelligence has confirmed what may be the biggest Bitcoin theft on record and it stayed hidden for nearly five years.
According to the blockchain analytics firm, the Chinese Bitcoin mining pool LuBian was hacked in December 2020, losing a staggering 127,426 BTC.
At the time, those coins were worth about $3.5 billion. As of August 2025, the haul would be valued at roughly $14.5 billion.
Arkham’s report traces the breach back to two transactions. On December 28, 2020, nearly 90% of LuBian’s Bitcoin holdings vanished in a single transfer. Two days later, another $6 million in crypto assets disappeared. Security researchers believe the thieves exploited weaknesses in LuBian’s private key generation, making it possible to brute-force wallet access.
One of the more unusual details is how the mining pool tried to respond. LuBian didn’t make a public statement. Instead, it spent 1.4 BTC across 1,516 small blockchain transactions each carrying messages pleading for the return of the stolen funds.
Today, the wallet holding the stolen coins ranks as the 13th-largest Bitcoin address in existence, larger than the holdings of the infamous Mt. Gox hacker. Analysts warn that any movement of this $14.5 billion stash could create severe price swings.
Before the breach, LuBian wasn’t some obscure outfit. It ran about six percent of the world’s Bitcoin mining power — a serious share of the network. But for reasons that baffle security experts today, the pool didn’t use even the most common safeguards. No multi-signature approvals for withdrawals. No hardware devices to keep private keys offline. Those gaps left the door wide open.
Now the case is turning into a talking point for policymakers. In Brussels, some officials are already citing it while pushing for tougher custody rules under the EU’s MiCA regulations. What’s making traders nervous is a more recent twist: in July 2024, the stolen coins were all pulled into a single wallet. Some see that as routine consolidation, others as a sign the holder might be getting ready to move them and that could shake the market.
Track the $14.5B LuBian Bitcoin heist in real-time:
LuBian Hacker Wallet Dashboard (Arkham)
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