Blockchain intelligence firm Arkham has uncovered a historic theft of 127,426 BTC (worth approximately $14.5 billion) from Chinese mining pool LuBian, dating back to December 2020. This constitutes the largest documented Bitcoin theft in history, surpassing previous incidents like Mt. Gox.
The heist was revealed through Arkham's on-chain analysis, which traced the stolen assets to a bulk transfer on December 28, 2020. At the time of the theft, LuBian controlled roughly 6% of Bitcoin's global hashrate, highlighting its significant industry position. Despite the massive scale, no official statements were issued by LuBian leadership, and the incident remained concealed for nearly five years.
Arkham emphasized the event's implications, stating: "The LuBian incident marks a significant event in crypto history, highlighting vulnerabilities in mining pool security." The theft exposes critical weaknesses in centralized mining operations, contrasting with historical breaches that prompted immediate regulatory responses. Notably, the market showed no observable reaction during the theft or upon its recent revelation.