Bitcoin News: Arkham Intelligence Exposes $14.5 Billion Bitcoin Theft From Chinese Mining Pool LuBian
Bitcoin News: Bitcoin worth $14.5 billion was quietly stolen from Chinese mining pool LuBian in December 2020, blockchain analytics firm Arkham Intelligence has revealed.
The massive heist involved 127,426 BTC, making it potentially the largest crypto theft by dollar value at the time of the attack.
LuBian had rapidly grown to become the sixth-largest Bitcoin mining pool before suddenly disappearing in February 2021.
Arkham believes hackers exploited vulnerabilities in LuBian's private key generation algorithm through brute-force attacks.
The stolen funds have remained untouched since July 2024, while LuBian still holds 11,886 BTC worth $1.35 billion.
LuBian attempted to negotiate with the attackers through Bitcoin transactions, offering rewards for asset return, but received no known response.
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Here's a detailed breakdown of **Lagrange (LA)**, the cryptocurrency Core Concept & Vision * **Focus:** Lagrange aims to be a high-performance, scalable, and energy-efficient blockchain platform designed for mainstream adoption, particularly targeting **Decentralized Finance (DeFi)** and real-world **payment solutions**. * **Key Differentiator:** Its unique **Proof of Contribution Time (PoCT)** consensus mechanism, designed to be fairer and more accessible than traditional Proof-of-Work (PoW) or even some Proof-of-Stake (PoS) systems.
## Technical Details
1. **Consensus Mechanism: Proof of Contribution Time (PoCT)** * **Core Idea:** Rewards network participants (validators) based on the **duration and consistency** of their active contribution to the network's security and operation, not just raw computational power (PoW) or sheer token holdings (PoS). * **How it Works:** * Validators "stake" their LA tokens to become active contributors. * They run nodes to validate transactions and propose blocks. * **Rewards are earned proportionally to:** The *amount* of LA staked **multiplied by** the *time* those tokens have been continuously staked and actively contributing ("Contribution Time"). * This incentivizes **long-term commitment** and stable network participation over short-term speculation or hoarding large amounts of capital just for staking rewards. * **Benefits:** More decentralized distribution of rewards over time, potentially lower energy consumption than PoW, resistance to certain attacks targeting temporary stake concentration.
- **Bitcoin volatility** may intensify due to Mt. Gox distributions and ETF flows. - **Regulatory clarity** is advancing in major markets (U.S., UK), impacting DeFi and stablecoins. - **Institutional adoption** continues growing via ETPs and partnerships.
Coinbase Partners With DWS for European Crypto ETPs** - Coinbase and asset manager DWS (Deutsche Bank’s investment arm) launched a suite of **crypto exchange-traded products (ETPs)** targeting European investors, expanding institutional access. $
UK Stablecoin Rules Take Effect $ - New U.K. regulations now require stablec $oin issuers (like USDC, USDT) to obtain authorization from the **Financial Cond uct Authority (FCA)**. Non-compliant services face restrictions in British markets. - *Source: Financial Times*
SEC Lawsuit Against Uniswap Advances $ - A U.S. judge ruled that the SEC’s lawsuit against Uniswap Labs can proceed, focusing on whether UNI tokens qualify as securities and if Uniswap’s LP services act as unregistered brokers. A key case for DeFi regulation.
- Ethereum core developers announced a delay for the **Pectra upgrade** (combining Prague and Electra), now targeting Q1 2026. The upgrade includes EIP-7702 (account abstraction) and optimized validator workflows.
- U.S. spot Bitcoin ETFs recorded **$170 million in net outflows** last week (ending July 4), driven primarily by Grayscale's GBTC. Analysts attribute this to profit-taking after Bitcoin's recent rally and ongoing Mt. Gox repayment concerns.