LuBian’s massive 2020 Bitcoin heist comes to light: 127K BTC lost forever
Main Idea
The 2020 LuBian Bitcoin heist has been identified as the largest crypto hack in history, with 127,426 BTC stolen, now valued at approximately $14.5 billion, due to weak private key generation.
Key Points
1. The LuBian Bitcoin mining pool was hacked in December 2020, resulting in the theft of 127,426 BTC, initially worth $3.5 billion but now valued at $14.5 billion.
2. Hackers drained 90% of LuBian's funds before the pool secured the remaining 11,886 BTC in recovery wallets.
3. The breach was traced to weak private key generation, making the wallets susceptible to brute-force attacks.
4. The LuBian hack surpasses previous crypto thefts, including ByBit's $1.5 billion loss, and the perpetrator is now the 13th-largest BTC holder.
5. The incident highlights critical security vulnerabilities in crypto storage and management.
Description
LuBian’s hack dethrones ByBit as crypto’s biggest-ever heist.
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