Unveiled: The $14.5 Billion #LuBian Bitcoin Heist—Largest Crypto #Hack in History Exposes Critical #Security Flaws

In a groundbreaking revelation shaking the cryptocurrency world, blockchain investigators from Arkham Intelligence have brought to light the details of a massive #Bitcoin hack that had remained hidden from public view for nearly four years. The victim? LuBian, a once-prominent Chinese Bitcoin ($BTC ) mining pool, which suffered a staggering loss of 127,426 BTC in December 2020—an amount that has since ballooned in value to over $14.5 billion, making it the largest crypto heist in history.

The LuBian Hack: A Colossal Theft Concealed for Years

On December 28, 2020, LuBian, which was ranked as the sixth-largest Bitcoin mining pool globally at the time, fell victim to a sophisticated breach. The hackers exploited vulnerabilities within LuBian’s wallet security, siphoning off nearly 90% of the pool’s Bitcoin holdings before LuBian could respond.

At the time of the hack, the stolen BTC were valued at approximately $3.5 billion. However, Bitcoin’s relentless upward price trajectory over the following years has pushed the value of the stolen coins to an eye-watering $14.5 billion as of mid-2024, surpassing all previous crypto thefts, including the infamous $1.5 billion #ByBit breach in early 2024.