- Arkham confirms LuBian’s historic Bitcoin theft of 127,426 BTC.
- Stolen Bitcoin now valued at $14.5 billion.
- No major market disruptions detected yet.
A historic crypto theft was uncovered by Arkham Intelligence, revealing 127,426 BTC stolen from Chinese mining pool LuBian in December 2020, now valued at $14.5 billion.
This theft highlights security risks in crypto mining and raises questions about market safety, affecting investor confidence despite no immediate market impact.
Arkham Intelligence has unearthed the massive 2020 theft from the LuBian mining pool involving 127,426 Bitcoin. This heist, once valued at $3.5 billion, now holds a staggering value of $14.5 billion.
LuBian, a key player in the crypto mining sector, experienced a security breach. Although the identities of those involved remain undisclosed, the attack’s magnitude highlights vulnerabilities within major crypto infrastructures. “The exploit originated from insecure private key generation at LuBian, making key wallets susceptible to brute-force attacks—a profound operational oversight for an institutional-scale mining pool,” noted Arkham Intelligence.
The Bitcoin’s current dormant status means there’s no significant market upheaval.
Transaction patterns have been meticulously tracked by Arkham, providing insights into the underground dynamics of digital asset theft.
LuBian attempted to salvage 11,886 BTC into recovery wallets amid the theft. This loss reflects potential operational and strategic introspection across the digital finance landscape.
Market actors continue monitoring the stolen Bitcoin for any movement that might disrupt financial systems. The lack of liquidation suggests performers are cautious amid regulatory scrutiny.
Historically, the incident surpasses other high-profile Bitcoin thefts in dollar value. Past events, such as the Mt. Gox hack, serve as reference points in assessing the potential impact of similar breaches.
