• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
CoinLaw LogoCoinLaw

Bringing Crypto & Finance Closer to You

  • Latest News
  • Statistics
  • About
  • Contact
Subscribe
CoinLaw Logo
  • Latest News
  • Statistics
  • About
  • Contact
Subscribe
Home » Cryptocurrency

Crypto’s Biggest Heist: How LuBian Lost $14.5B Without a Trace

Published on: August 4, 2025
Kathleen Kinder
Written By
Kathleen Kinder
Kathleen Kinder
Senior Editor • 1,850 Articles
Kathleen Kinder brings over 11 years of experience in the research industry, with deep expertise in finance, cryptocurrency, and insurance. ... See full bio
LATEST POSTS:
Coinbase Launches USDC Payments Support for AI Agents
Zhibao Signs Non-Binding 3,500 Bitcoin PIPE Deal
Odos DEX Aggregator Winds Down Operating Company
Biggest Bitcoin Hack Discovered
As Featured In
Bloomberg LogoForbes LogoFortune LogoCoinDesk LogoCoinMarketCap Logo
Share on LinkedIn ChatGPT Perplexity Share on X Share on Facebook

A 2020 Bitcoin theft targeting China’s LuBian Mining Pool has resurfaced, with Arkham Intelligence uncovering what may be the largest crypto hack in history.

Key Takeaways

  • 1Arkham Intelligence uncovered a hidden 2020 hack involving 127,426 BTC stolen from LuBian Mining Pool.
  • 2The stolen Bitcoin, once worth $3.5 billion, is now valued at $14.5 billion.
  • 3The theft went unreported by both LuBian and the hacker until Arkham’s 2025 investigation.
  • 4Weak private key generation was likely the cause, with LuBian sending over 1,500 blockchain messages to the hacker pleading for the funds’ return.

What Happened?

In an explosive revelation, blockchain analytics firm Arkham Intelligence has uncovered a long-hidden heist that siphoned off 127,426 BTC from LuBian Mining Pool in December 2020. Valued at $3.5 billion at the time and now worth $14.5 billion, this is now believed to be the largest crypto theft in history by dollar value.

BREAKING: ARKHAM UNCOVERS $3.5B HEIST – THE LARGEST EVER

LuBian was a Chinese mining pool with facilities in China & Iran. 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… pic.twitter.com/PnIOKgMt0i

,Arkham (@arkham) August 2, 2025

Arkham’s findings show the mining pool never disclosed the breach, and the hacker has kept most of the stolen BTC untouched for nearly five years.

LuBian’s Sudden Rise and Mysterious Disappearance

LuBian emerged in April 2020 and quickly became one of the top six Bitcoin mining pools globally, controlling nearly 6% of the Bitcoin network’s hash rate by mid-year. It promoted itself as the “safest high yielding mining pool in the world”, yet by February 2021, it vanished from the public eye.

According to Arkham, the breach began on December 28, 2020, when more than 90% of LuBian’s Bitcoin holdings were drained. A follow-up theft occurred two days later, involving $6 million in BTC and USDT linked to another LuBian-controlled address. LuBian was able to salvage 11,886 BTC, worth hundreds of millions, by transferring it to recovery wallets by the end of the year.

The Vulnerability: A Flawed Key Generator

Arkham’s analysis attributes the breach to a flawed algorithm used by LuBian for private key generation. This left the pool vulnerable to brute-force attacks, a critical weakness in an industry where secure key storage is paramount.

The stolen funds were not immediately moved or laundered. Instead, the BTC was left largely dormant, with only a wallet consolidation in July 2024 showing any activity. This inactivity may have contributed to the hack staying under the radar for so long.

Newsletter Img
Don't chase the news. Let us curate it.

You get one weekly briefing with only the stories that matter. If the market is quiet, we skip it.

✅ Join readers from Visa, Mastercard, Vanguard, and the FDIC.

OP_RETURN Messages: A Digital Cry for Help

In a desperate attempt to recover the stolen Bitcoin, LuBian spent 1.4 BTC sending 1,516 OP_RETURN messages, a Bitcoin feature that allows data to be embedded in transactions to the hacker’s wallet addresses. These messages urged the thief to return the funds and even offered a reward, underscoring the authenticity of the pleas.

However, no response was ever received, and the stolen Bitcoin remains in limbo.

A Record-Breaking Theft

With the rise in Bitcoin’s price, the hacker’s wallet now ranks as the 13th largest BTC holder tracked by Arkham. This surpasses other infamous incidents, including the Mt. Gox and Bitfinex hacks in terms of present-day value.

For comparison:

  • ByBit’s $1.5 billion hack in 2025 was previously seen as the largest.
  • In April 2025, an elderly individual lost $330 million in a social engineering scam involving 300 wallet addresses.

Yet neither case approaches the scale of the LuBian theft.

CoinLaw’s Takeaway

I find it almost unbelievable that a $3.5 billion hack went completely unnoticed for five years. This isn’t just a story about a mining pool getting hacked. It’s a case study in how poor security and a lack of transparency can lead to staggering losses. The fact that LuBian was quietly pleading for the return of funds using blockchain messages shows how helpless they were. And that these funds are still sitting untouched is chilling. If anything, this should be a wake-up call to anyone storing large amounts of crypto: do not compromise on key security, and never assume silence means safety.

Definition of Hash Rate. Link to full glossary entry follows the description.Hash Rate

Hash rate measures the total computational power miners use to process and validate transactions on a proof-of-work blockchain like Bitcoin.

Read more

CoinLaw follows strict Publishing Principles and a documented Fact-Check Policy to ensure accuracy, transparency, and editorial independence across all content.

Add CoinLaw as a Preferred Source on Google for instant updates! Follow on Google News
Share ChatGPT Perplexity
Kathleen Kinder

Kathleen Kinder

Senior Editor


Kathleen Kinder brings over 11 years of experience in the research industry, with deep expertise in finance, cryptocurrency, and insurance. At CoinLaw, she writes timely, reader-focused news articles and also serves as a senior editorial reviewer. Drawing on her background in B2B research, consumer insights, and executive interviews, she ensures every piece delivers clarity, accuracy, and real-world relevance.

Related Posts

South Korean Authorities Face Phishing Attack On Seized Bitcoins
Cryptocurrency

Seized Bitcoin Worth Millions Stolen from South Korean Authorities

Upbit Starts Service Resumption After Recent Hack
Cryptocurrency

South Korea’s Upbit Reopens Wallets After Lazarus Group Cyberattack

Bnb Chain Airdrops 45m Usd For Crash Compensation
Cryptocurrency

BNB Chain Airdrops $45M to Traders After Record Market Crash

Disclaimer: The content published on CoinLaw is intended solely for informational and educational purposes. It does not constitute financial, legal, or investment advice, nor does it reflect the views or recommendations of CoinLaw regarding the buying, selling, or holding of any assets. All investments carry risk, and you should conduct your own research or consult with a qualified advisor before making any financial decisions. You use the information on this website entirely at your own risk.

Reader Interactions

Leave a Comment Cancel reply

Primary Sidebar

Connect With Us

facebook x linkedin google-news telegram pinterest whatsapp email
google-preferred-source-badge Add as a preferred source on Google

You Should Also Read

UK Authorities Seize $6B in Bitcoin as Chinese Scammer Faces Jail
2,300 BTC Sold by Mt. Gox Hacker-Linked Wallet as Mystery Deepens
Hacker Launders $19M in ETH After $27M Multisig Wallet Heist

Table of Contents

  • Key Takeaways
  • What Happened?
  • LuBian’s Sudden Rise and Mysterious Disappearance
  • The Vulnerability: A Flawed Key Generator
  • OP_RETURN Messages: A Digital Cry for Help
  • A Record-Breaking Theft
  • CoinLaw’s Takeaway
Connect on Telegram

Footer

CoinLaw Logo

Bringing Finance Closer to You.

Connect With Us

Follow Us on Google News

Editorial & Trust

  • About
  • Publishing Principles
  • Fact-Check Policy
  • Corrections Policy
  • Ethics Policy
  • Disclaimer
  • Cookie Policy

Worth Checking

  • Best Cloud Mining Platforms
  • Millennial vs. Gen Z Banking
  • Ethereum Gas Fees Statistics
  • Binance vs. Coinbase Statistics
  • Zelle vs. Venmo Statistics
  • Traditional Banks vs. Neobanks
  • Crypto Exchange Hack Statistics
  • Crypto Regulation Tracker
  • ETF Flow Tracker
  • Exchange Listings Tracker
  • Crypto Treasuries Tracker
Contact Us
13570 Grove Dr #189,
Maple Grove, MN 55311,
United States
10 a.m. – 6 p.m. | Every day

Copyright © 2024–2026 CoinLaw. All Rights Reserved. Powered by the HODL Force ❤️

  • Privacy Policy
  • Terms
  • Accessibility Statement
Manage your privacy

To provide the best experiences, we and our partners use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us and our partners to process personal data such as browsing behavior or unique IDs on this site and show (non-) personalized ads. Not consenting or withdrawing consent, may adversely affect certain features and functions.

Click below to consent to the above or make granular choices. Your choices will be applied to this site only. You can change your settings at any time, including withdrawing your consent, by using the toggles on the Cookie Policy, or by clicking on the manage consent button at the bottom of the screen.

Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Statistics

Marketing

Features
Always active

Always active
  • Manage options
  • Manage services
  • Manage {vendor_count} vendors
  • Read more about these purposes
Manage options
  • {title}
  • {title}
  • {title}
Manage your privacy
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Statistics

Marketing

Features
Always active

Always active
  • Manage options
  • Manage services
  • Manage {vendor_count} vendors
  • Read more about these purposes
Manage options
  • {title}
  • {title}
  • {title}
Company
  • About Us
  • Our Team
  • Our Mission
  • Core Values
Discover
  • glossary icon
    Glossary
  • Stats
    Stats Research Process
  • Brand Guide Icon
    Brand Assets
Categories
  • Cryptocurrency
  • Payments
  • Banking
  • Finance
  • Insurance
Cryptocurrency
Crypto Ownership By Generation Statistics
Crypto Ownership by Generation Statistics 2026: Gen Z vs Millennials
How Many Cryptocurrencies Are There Statistics
How Many Cryptocurrencies Are There Statistics 2026: Crypto Boom
How Many Bitcoins Are There
How Many Bitcoins Are There 2026: Growth and Circulating Supply
Bitcoin All-Time High Statistics
Bitcoin All-Time High Statistics 2026: Every Cycle Peak Across Four Halvings
Crypto Market Capitalization Statistics
Crypto Market Capitalization Statistics 2026: Totals, Dominance, and Trends
How Many People Use Cryptocurrency Worldwide
How Many People Use Cryptocurrency Worldwide 2026: Global User Count by Year and Region
Payments
Remittances By Country Statistics
Remittances by Country Statistics 2026: Inflows and Cost
Cash App vs Zelle Statistics
Cash App vs Zelle Statistics 2026: Speed, Limits and User Data
Venmo vs. PayPal Statistics
Venmo vs PayPal Statistics 2026: Users, Fees and Volume
Toast Statistics
Toast Statistics 2026: ARR, GPV & Revenue Data
Rapyd Statistics
Rapyd Statistics 2026: TPV, Valuation & Licences
Marqeta Statistics
Marqeta Statistics 2026: TPV, Revenue and Customer Mix
Banking
Global Systemically Important Banks Statistics
Global Systemically Important Banks Statistics 2026: Bucket Allocation and Capital Surcharges
Bank Failures Statistics
Bank Failures Statistics 2026: FDIC Data, DIF Costs, and Recent Trends
The 15 Largest Banks in the US
The 15 Largest Banks in the US in 2026: By Assets, Deposits, and Branches
N26 Statistics
N26 Statistics 2026: Customers, Deposits, Revenue and the BaFin Growth Cap
Revolut vs Monzo Statistics
Revolut vs Monzo Statistics 2026: Customers & Profit
Islamic Banking Statistics
Islamic Banking Statistics 2026: Assets, Growth, and Top Markets
Finance
Federal Tax Revenue By State Statistics
Federal Tax Revenue by State Statistics 2026: IRS Gross Collections, Top 10 States, Donor vs Recipient
Tariff Revenue Statistics
Tariff Revenue Statistics 2026: Customs Duties and IEEPA Refunds
Emergency Fund Statistics
Emergency Fund Statistics 2026: How Much Americans Have Saved (and How Much They Should)
Financial Advisor Statistics
Financial Advisor Statistics 2026: Headcount, AUM, and Demographics
Wealth Inequality Statistics
Wealth Inequality Statistics 2026: Hidden Wealth Divide
Blockchain In Supply Chain Finance Statistics
Blockchain in Supply Chain Finance Statistics 2026: Trade Breakthrough
Insurance
Lemonade Insurance Statistics
Lemonade Insurance Statistics 2026: Customers, In-Force Premium, Loss Ratio, Pet & Auto Segments
Chubb Statistics
Chubb Statistics 2026: Powerful Data Insights
Virtual Reality In Insurance Statistics
Virtual Reality In Insurance Statistics 2026: Innovations, Risks, and Opportunities
US Life Insurance Industry Statistics
US Life Insurance Industry Statistics 2026: Growth Facts
US Auto Insurance Industry Statistics
US Auto Insurance Industry Statistics 2026: What You Must Know Now
UK Insurance Industry Statistics
UK Insurance Industry Statistics 2026: Growth Data
Categories
  • Cryptocurrency
  • Investments
  • Fintech
  • Compliance
  • Finance
Cryptocurrency
Poolin Files Chapter 11 Bankruptcy
Poolin Files Chapter 11, Plans $52 Million Asset Sale
Zhibao Signs Non Binding 3 500 Bitcoin Pipe Deal
Zhibao Signs Non-Binding 3,500 Bitcoin PIPE Deal
Odos Dex Aggregator Winds Down
Odos DEX Aggregator Winds Down Operating Company
Lien Finance Hacked For 542 000 In Usdc Bond Exploit
Lien Finance Hacked for $542,000 in USDC Bond Exploit
Bitmex Faces Class Action Over Rigged Liquidations
BitMEX Faces Rigged Bitcoin Liquidations Class Action Lawsuit
Circle Signs Mous With Kakao And Toss
Circle Signs MoUs With Kakao and Toss for Won-Stablecoin
Investments
Coinhako Sbi Holdings Acquisition
SBI Holdings Acquires Coinhako Crypto Exchange
Keyrock Acquires Blockfills Trading And Brokerage Assets
Keyrock Completes the Acquisition of BlockFills’ Trading Assets
Crypto Com Raises 400 Million From Citadel Securities
Crypto.com Raises $400 Million From Citadel Securities
Moonpay Acquires Glide Crypto Deposit Startup
MoonPay Acquires Glide in All-Equity Crypto Deposits Deal
Hyperliquid Perpetual Prices Cxmt Above Its Shanghai Ipo
Hyperliquid Perpetual Prices CXMT Above Its Shanghai IPO
Former Tether Cio Seeks To Sell 1 26 Stake
Former Tether CIO Seeks to Sell 1.26% Stake via PJT Partners
Fintech
Samsung Wallet To Add Native Stablecoin Support
Samsung Wallet to Add Native Stablecoin Support
Coinbase Launches Usdc Payments For Ai Agents
Coinbase Launches USDC Payments Support for AI Agents
Keeta Layerzero Partner To Tokenize Bank Deposits
Keeta, LayerZero Partner to Tokenize Bank Deposits On-Chain
Gtn And Payward Expand Xstocks Beyond U S Equities
Payward and GTN to Expand xStocks in International markets
Movement Labs Files Chapter 11 Bankruptcy
Movement Labs Files Chapter 11 Bankruptcy After $141.4M Raise
Visa Launches Stablecoin Platform
Visa Launches Stablecoin Platform, Starting With Open USD
Compliance
Russia S State Duma Passes Crypto Law
Russia’s State Duma Passes First Comprehensive Crypto Law
Maharashtra Directs Draft Of India S First Land Tokenization Law
Maharashtra Directs Draft of India’s First Land Tokenization Law
Fss Opens Sanctions Process Against Dunamu Over Upbit Hack
FSS Opens Sanctions Process Against Dunamu Over Upbit Hack
Bitpay Secures Dutch Mica License
BitPay Secures Dutch MiCA License for EU Crypto Payments
Revolut Secures Vara Approval In Dubai
Revolut Secures VARA Approval to Launch Crypto in UAE
Aba Icba Urge Senate To Close Stablecoin Yield Loophole
ABA, ICBA Urge Senate to Close Stablecoin Yield Loophole
Finance
Lsg To Operate 24 7 For Etps
London Stock Exchange Plans Overnight Trading by 2027
Avax One Regains Nasdaq Listing Compliance
AVAX One Regains Nasdaq Listing Compliance
Kraken Lets Traders Post Tokenized Stocks As Collateral
Kraken Lets Traders Post Tokenized Stocks as Collateral
Kalshi Targets Ipo After Massive Valuation
Kalshi Targets IPO After Massive Growth and $22B Valuation
Coinbase To Launch Tokenized Us Stocks
Coinbase Sparks New Race With 1:1 Backed Tokenized Stocks
Bitmine Launches 300m Preferred Stock Offering
Bitmine Launches $300M Preferred Stock to Buy More ETH
Newsletter Img

Too much noise in crypto?

We respect your time. You get one high-impact briefing a week. If the market is quiet, so are we.

✅ Join readers from Visa, Mastercard, Vanguard, and the FDIC.
Newsletter Img

The Weekly Briefing

We track the market 24/7. You get a 5-minute summary. If it’s quiet, we skip it.

✅ Read by pros at Visa, Mastercard, Vanguard, and the FDIC.