Arkham Unveils $3.5B Bitcoin Heist From Chinese Mining Pool

In Summary

  • Arkham exposes 2020 theft of 127,426 BTC from LuBian mining pool.
  • Hack drained $3.5B, now worth $14.5B, largest crypto theft ever.
  • LuBian tried to contact hacker via Bitcoin OP_RETURN, no success.
  • CertiK reports $2.2B in crypto losses in first half of 2025.


Catenaa, Tuesday, August 05, 2025- Arkham Intelligence confirmed the largest Bitcoin theft ever, tracing a 2020 hack that stole 127,426 BTC from Chinese mining pool LuBian.

Arkham’s report said the attack exploited vulnerabilities in LuBian’s private key system, allowing hackers to siphon more than 90% of its holdings in a single day.

The following day, $6 million in BTC and USDT linked to LuBian addresses was also taken.

The incident explains LuBian’s sudden disappearance in early 2021, which fueled speculation of a regulatory shutdown or internal exit.

Arkham’s findings indicate the mining pool instead fell victim to a catastrophic breach.

In a bid to recover the funds, LuBian attempted to contact the attacker using Bitcoin’s OP_RETURN feature, offering a reward for returning the stolen coins. No response has been confirmed.

Of the original holdings, 11,886 BTC, valued at roughly $1.35 billion, remains untouched. None of the stolen Bitcoin has moved since July 2024, suggesting the assets are dormant or tightly controlled.

The revelation comes amid a surge in crypto thefts. CertiK reported that investors lost $2.2 billion to hacks, scams, and breaches in the first half of 2025, including Bybit’s $1.5 billion February hack and Cetus Protocol’s $225 million exploit.

Security experts urge users to rely on hardware wallets and verify links as phishing attacks and key compromises escalate.

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