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Arkham Uncovers $14.5 Billion in Bitcoin Stolen From Chinese Mining Pool in 2020 - Unchained
A massive bitcoin theft, described as possibly the largest in history, was just uncovered by blockchain analytics firm Arkham Intelligence
According to Arkham**, 127,426 BTC, now valued at around $14.5 billion, was quietly stolen from the Chinese mining pool LuBian in December 2020.**
Arkham’s analysis found that LuBian was first hacked on December 28, 2020 for over 90% of their BTC, then again on December 29 for $6 million worth of BTC and USDT. Two days later, LuBian reportedly moved their remaining funds, worth around $1.38 billion of BTC, to recovery wallets.
This story is an excerpt from the Unchained Daily newsletter.
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“Neither LuBian nor the hacker have publicly acknowledged the hack,” said Arkham.
“It appears that LuBian was using an algorithm to generate its private keys that was susceptible to brute-force attacks. This may have been the vulnerability exploited by the hackers.”