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Quick analysis of the situation
In the rollercoaster world of cryptocurrency, few plots are as juicy as your average heist movie. But step aside Ocean’s Eleven, because Arkham Intelligence just dropped a blockbuster revelation: the biggest crypto hack ever, and it’s bigger than anyone could have imagined.
Picture this: a hacking syndicate filching 127,426 Bitcoin from LuBian, a prominent Chinese mining pool, back in December 2020. At the time, this digital gold mine was worth a casual $3.5 billion. Fast forward to today, and that coin cache skyrocketed to a staggering $14 billion—yes, billion with a "B." That’s roughly the GDP of a small country or the divorce settlement of a celebrity.
Arkham used their on-chain sleuthing skills to reveal this monumental theft in an eye-opening post on X. Apparently, in the blink of an eye—rather, in just a couple of days—the hacker struck twice, making off with around $6 million worth of Bitcoin and USDT (which we will just assume stands for Universal Stolen Digital Treasures).
So, what happened to the hapless LuBian, you ask? Well, they have a knack for being tight-lipped. Since the theft, neither the mining pool nor its phantom thief has made much noise. One might assume that LuBian is trying to hide under the digital equivalent of a rock, too embarrassed to show their face. After all, it’s one thing to lose Bitcoin to market volatility, but entirely another to have it swiped right from under your nose.
To add to the theatrics, Arkham’s intel suggests this wasn’t just some random act by a script kiddie; LuBian’s keys were actually vulnerable to a brute-force attack because they supposedly employed a rather outdated algorithm to generate them. It’s the kind of thing that makes you wonder if they had an IT intern in charge of security—“Hey, what’s a hash rate and why is it important?”
But it gets juicier. LuBian, in a twist that would give The Godfather a run for its money, attempted a reconciliation of sorts with their rogue hacker by blowing 1.4 BTC on 1,516 different messages sent through OP_RETURN. Imagine this: it’s like sending 1,516 love letters to an ex who’s ghosting you, except these letters are essentially begging the hacker to return the spoils of war. "Come back, you know you miss us!"
Meanwhile, while LuBian is left holding onto 11,886 BTC (valued at around $1.35 billion, a small consolation), their notorious hacker has nested comfortably as the 13th largest Bitcoin holder. They consolidated their loot in July 2024, proving that some people will literally steal the show—and keep the cash.
In the end, it’s clear that the script of digital currency is still being written, with thieves, hacks, and the occasional desperate plea all starring in this ongoing saga. So keep your wallets close, folks—whoever said crime doesn’t pay clearly hadn’t heard about our mysterious hacker buddy’s newfound fortune! Whether you find this elaborate theft intriguing or just plain nerve-racking, one thing’s for sure: the crypto world is an endless source of tales that can make any heist film look like child's play.
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Image(s) are provided by Unsplash and/or other free sources. They are illustrative and may not represent the content truly.
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Please, behave!