Arkham Uncovers The Largest Bitcoin Heist Linked to Chinese Mining Pool

Key Points

1. The hack, which was never publicly acknowledged by LuBian or the hacker, is the largest ever recorded, surpassing the Mt. Gox incident.

2. LuBian, once a top-ten global mining pool with 6% of Bitcoin's hash rate, mysteriously shut down in early 2021 due to the hack.

3. Arkham's analysis suggests the theft was enabled by weak private key generation, vulnerable to brute-force attacks.

4. The hacker, who never responded to LuBian's plea for the return of funds, is now the 13th largest Bitcoin holder according to Arkham.

5. Cybersecurity firms Certik and Hacken reported significant losses in the crypto space in 2025, with $153 million lost in July and $3.1 billion in the first six months, marking a surge in social engineering and AI-driven attacks.