Arkham Intelligence Suggests LuBian Bitcoin Hack May Be Largest Crypto Heist Unreported for Years

Key Points

1. The LuBian hack occurred on December 28, 2020, targeting the sixth-largest BTC mining pool at the time.

2. Hackers exploited a weak private key generation algorithm, enabling a brute-force attack to steal 127,426 BTC.

3. The stolen Bitcoin was initially valued at $3.5 billion in 2020 but is now worth around $14.5 billion.

4. LuBian used OP_RETURN messages in transactions to trace the stolen funds, aiding Arkham Intelligence in mapping the illicit activity.

5. Prior to this revelation, the ByBit exchange hack in February 2025, which resulted in a $1.5 billion loss, was considered the largest crypto breach.