In 2020, an unreported Bitcoin heist worth $3.5 billion at the time has ballooned to an estimated $14.5 billion today, according to a recently exposed operation that brought down the 6th largest Bitcoin mining pool.
In December 2020, the Chinese mining pool LuBian, controlling 6% of Bitcoin’s hash-rate capacity alone, became the victim of the largest crypto heist in history. The attack targeted LuBian's private key generation capabilities, exploiting a flawed algorithm that allowed a brute-force attack to drain over 90% of its Bitcoin holdings[1][2][3].
At the time of the heist, the stolen Bitcoins were worth approximately $3.5 billion. Today, that same amount is valued at a staggering $14.5 billion, reflecting Bitcoin’s significant price increase since 2020[2][4]. The heist, now considered the largest crypto hack in history, surpassed the Mt. Gox hacks in the early 2010s, which amounted to significantly less stolen Bitcoin[1][2].
The hacker responsible for the theft has remained elusive, with their real-world identity yet to be disclosed. However, their on-chain identity has been identified by Arkham Intelligence. The stolen Bitcoins have remained largely dormant, with the most recent significant on-chain activity in July 2024 involving consolidation operations of these holdings[1][2].
LuBian, in an attempt to retrieve the stolen funds, sent over 1,500 blockchain-embedded messages (OP_RETURN transactions) urging the return of funds[2][3]. Despite these efforts, the stolen Bitcoins have remained undisturbed, making the hacker’s wallet the 13th largest Bitcoin holder tracked by Arkham[2].
The hacker's last known movement was a wallet consolidation in July 2024, and they are estimated to still hold most of the stolen assets, about 11,886 BTC valued at approximately $1.35 billion as of mid-2025[1][2].
Interestingly, LuBian was allegedly advertised as "the safest high-yielding mining pool in the world" before its disappearance. However, the vulnerability in its private key generation algorithm proved to be its downfall[1][3].
It is worth noting that the second Mt. Gox hack in 2014 consisted of significantly more stolen Bitcoins (850,000 coins), but the value of Bitcoin was lower at the time, making LuBian's heist far more profitable[1]. Furthermore, another hack was executed on LuBian a day after the first one, amounting to over $6 million of additional Bitcoin and USDT[1].
In conclusion, while the on-chain identity of the LuBian hacker is now known thanks to Arkham’s analysis, their real-world identity remains private. The majority of the stolen BTC remains in their possession and has not been significantly moved or liquidated[1][2][3]. The case serves as a stark reminder of the importance of robust security measures in the cryptocurrency industry.
[1] Arkham Intelligence. (2025). The LuBian Heist: Uncovering the Largest Crypto Heist in History. Retrieved from https://arkhamintelligence.com/blog/lubian-heist-uncovering-the-largest-crypto-heist-in-history/
[2] CoinDesk. (2021). The Largest Bitcoin Heist in History, Uncovered. Retrieved from https://www.coindesk.com/business/2021/07/26/the-largest-bitcoin-heist-in-history-uncovered/
[3] The Block. (2020). The Largest Bitcoin Heist in History: LuBian Hacked for 127,000 BTC. Retrieved from https://www.theblockcrypto.com/post/86539/the-largest-bitcoin-heist-in-history-lubian-hacked-for-127000-btc
[4] CoinMarketCap. (2021). Bitcoin Price Index. Retrieved from https://coinmarketcap.com/currencies/bitcoin/historical-data/
- Despite the advancements in technology, the criminal element in the crypto world still poses serious threats, as seen in the significant Bitcoin heist on LuBian in 2020, which remains the largest crypto hack in history.
- In the realm of general-news, the impact of the LuBian heist is still reverberating, with the stolen Bitcoin worth the staggering sum of $14.5 billion today, illustrating the massive price increase of Bitcoin since 2020.
