• Arkham uncovers a 2020 hack on LuBian mining pool involving 127,426 BTC.
• The stolen Bitcoin is now worth $14.5 billion, making it the biggest crypto hack ever.
• LuBian never disclosed the breach; funds remain with the hacker to this day.

A massive Bitcoin heist from December 2020 has just been exposed, making it the biggest crypto hack in history.

According to Arkham Intelligence, hackers stole 127,426 BTC from LuBian, a Chinese mining pool. The stolen Bitcoin was worth $3.5 billion at the time. Due to Bitcoin’s price surge, those assets are now valued at $14.5 billion.

LuBian Exploit Was the Biggest Crypto Hack in History

LuBian operated mining facilities in China and Iran. In 2020, it controlled almost 6% of Bitcoin’s total hash rate.

Arkham’s on-chain analysis found that over 90% of LuBian’s BTC was drained on December 28, 2020. Additional funds were stolen two days later from a Bitcoin Omni Layer address.

Neither LuBian nor the hacker publicly acknowledged the breach. The funds remained dormant until a consolidation event in July 2024.

Arkham researchers linked multiple addresses used in the theft and observed that each received OP_RETURN messages from LuBian. The pool spent 1.4 BTC across 1,516 transactions to appeal for the stolen funds.

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This pattern strongly suggests the hack was real and not spoofed. The hacker has yet to move the stolen BTC again.

Arkham suspects LuBian used a flawed key generation algorithm, which may have exposed its private keys to brute-force attacks. LuBian still holds around 11,886 BTC worth $1.35 billion.

Meanwhile, the hacker’s stash remains untouched, making them the 13th largest BTC holder globally.

This revelation surpasses the previous record—the $1.5 billion Bybit hack in February 2025.

Arkham’s disclosure adds new urgency to reviewing key security and crypto infrastructure, especially among legacy mining operations.