Lubian suffers in silence as Arkham uncovers crypto hack

An unsuccessful Bitcoin flight not declared at the end of 2020 has now been revealed as the greatest piracy of cryptography in history.

According to a new analysis By the Arkham Blockchain Intelligence Company, 127,000 BTC – $ 3.5 billion at the time – was drained in the Chinese mining swimming pool Lubian on December 28, 2020. break.

Lubian, once among the first 10 Bitcoins, which controlled almost 6% of the world’s hash, suddenly closed at the beginning of 2021. At the time, the cryptographic community awarded the exit to the tightening of regulations in China and Iran, where many mining machines from Lubian were considered to be operational.

Arkham’s conclusions now indicate a devastating security failure as the real cause. The company believes that hacking from low methods of generation of private keys.

Lubian dumb the collapse

Despite the loss of almost all of his Bitcoin holdings, Lubian has never disclosed the incident, and the pirate never published the flight. In a desperate recovery effort, Lubian issued more than 1,500 small bitcoin transactions containing pleadings for the return of stolen assets. The swimming pool also moved 11,880 BTC remaining in designated recovery wallets.

The pirate did not try to remove the stolen parts, which remain inactive apart from a consolidation in 2024 in a new portfolio address. The Arkham report raises new concerns about transparency and operational security among the main players in cryptography infrastructure, in particular billions of assets crossing centralized entities with limited surveillance.

The discovery retroactively redefines the magnitude of the biggest known robbery of crypto and launched the disappearance of Lubian in 2020 in a new more disturbing light. Investigations on the identity of the attacker and the precise vector of the feat are in progress.