LuBian’s massive 2020 Bitcoin heist comes to light: 127K BTC lost forever

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.