Key notes
- Arkham discovered a massive hack linked to a Chinese Bitcoin mining company.
- The total amount exceeds the hacking of $ 1.5 billion by bybit many.
- The minor and the pirate have hidden the hacking for years until Arkham jumps.
Arkham Intelligence discovered the greatest cryptography hacking involving a less known Chinese mining company (BTC) called Lubian.
According to the latest survey, the BTC Mining Chinese swimming pool lost 127,426 BTC to pirates in December 2020. Bitcoin was negotiating about $ 27,000, and the lost amount reached $ 3.5 billion at the time.
Breaking: Arkham discovers $ 3.5 billion – the largest of all time
Lubian was a Chinese mining swimming pool with installations in China and Iran. Based on the analysis of data on the chain, it seems that 127,426 BTC was stolen in Lubian in December 2020, worth $ 3.5 billion at the time and is now worth it … pic.twitter.com/pniokgmt0i
– Arkham (@arkham) August 2, 2025
“Neither Lubian nor the pirate publicly recognized hacking,” wrote Arkham in a post X.
The intelligence company claims that Lubian controlled almost 6% of the Hashrate Bitcoin Total in May 2020, making it one of the largest mining swimming pools in the world. The company has operated in China and Iran.
The data provided by Arkham show that the reason behind the hack was Lubian algorithm responsible for the generation of private keys. The method “was sensitive to attacks by brute force”.
The Chinese minor sent a batch of OP_return messages to the addresses of the pirate, asking for a return of funds and promising rewards.
“For the Whitehat that saves our asset, you can contact us,” wrote Lubian in a message based on the pirate blockchain.
The answer has never arrived.
Funds have never moved. However, the Pirate’s address received several Binance test transactions, the largest cryptocurrency exchange in September 2024.
The $ 3.5 billion lost are now worth $ 14.5 billion while Bitcoin is negotiated near the $ 114,000 mark. This $ 1.5 billion $ 1.5 billion piracy eclipse in February.
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Wahid analyzes and reports on the latest trends in the decentralized ecosystem since 2019. He has more than 4,000 articles in his name and his work has been presented on some of the main outlets, including Yahoo Finance, Investing.com, Cointelegraph and Benzinga. Apart from the reports, Wahid likes to connect the points between Defi and Macro on his newsletter, on Chain Moine.
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