Wallets linked to the hacked Chinese mining pool LuBian have transferred 15,959 BTC, worth an estimated $1.83 billion, to four separate addresses, in what appears to be a coordinated movement, according to Web3 analytics firm OnchainLens, citing Arkham data.
Breakdown of Transfers
The outflows were split across four transactions:
- Two tranches of 4,999 BTC (~$539.8 million each)
- 3,424 BTC (~$369.7 million)
- 2,535 BTC (~$274.4 million)
These movements follow the discovery of a previously undisclosed 2020 heist, in which LuBian lost 127,426 BTC, valued at approximately $14.5 billion as of August 2025. At the time of the theft in December 2020, the bitcoin haul was worth around $3.5 billion, marking it as the largest single crypto theft by dollar value at the time.
For context, the Mt. Gox collapse involved a higher bitcoin count — roughly 744,000 BTC — but the lower bitcoin price at the time meant the total loss was only a few hundred million dollars.
Implications and Watchpoints
Blockchain analysts are monitoring the four destination wallets to see whether the funds are:
- Consolidated into a single wallet
- Transferred to known exchange deposit addresses
- Engaged with mixing or laundering services, a common tactic with stolen cryptocurrency
LuBian, once a smaller, relatively obscure mining pool, grew significantly over time, but the incident highlighted risks associated with opaque custody and weak internal controls at some mining operations.
Key Takeaways
- Total moved: 15,959 BTC (~$1.83B)
- Event origin: 2020 LuBian hack (127,426 BTC stolen)
- Largest theft by dollar value at the time
- Ongoing tracking: Blockchain analysts watching for consolidation or laundering
The LuBian case underscores the persistent risks in cryptocurrency custody, especially among smaller mining pools, and highlights the importance of enhanced transparency, security measures, and regulatory oversight in the sector.
Disclaimer: This summary is based on reporting by The Block and OnchainLens. It is provided for informational purposes and does not constitute legal, financial, or investment advice.