A recent series of transactions has reignited interest in one of the most significant unsolved Bitcoin thefts in history. LuBian-linked wallets have moved 15,959 BTC, valued at approximately $1.83 billion, across four distinct addresses. This development marks the second substantial transfer of Bitcoin from these wallets in a matter of weeks, reviving a mystery that has been ongoing for several years.
The latest movement of funds is part of a broader narrative surrounding LuBian, a now-defunct Chinese mining pool that was at the center of a major Bitcoin embezzlement case in 2020. During that time, the mining pool reported being hacked, resulting in the theft of 127,426 BTC, which was valued at $3.5 billion at the time of the incident. Today, the stolen Bitcoin would be worth nearly $14.5 billion, making it one of the largest crypto thefts on record.
Background of the LuBian Theft
The LuBian theft occurred in December 2020, when attackers exploited vulnerabilities in the mining pool’s private key generation system. This exploit allowed the hackers to drain over 90% of LuBian’s Bitcoin holdings in a single night, followed by an additional $6 million in Bitcoin and USDT the next day. The incident was particularly notable due to LuBian’s rapid rise to become the world’s sixth-largest mining pool earlier that year, with the company publicly touting itself as “the safest high-yielding mining pool in the world.”
In an attempt to recover the stolen assets, LuBian took the unusual step of communicating directly with the attacker on the Bitcoin blockchain. Using the OP_RETURN function, the company left a message pleading with the attacker to return the assets, offering a reward for their safe return. However, this plea was met with silence, and the fate of the stolen Bitcoin remained a mystery.
Recent Developments and Implications
The recent transfer of 15,959 BTC from LuBian-linked wallets has significant implications for the ongoing investigation into the 2020 theft. This movement of funds suggests that the individuals or entities controlling these wallets may still have access to the stolen Bitcoin, despite the passage of time. Furthermore, the transfer comes on the heels of another substantial movement of 11,886 BTC, worth $1.3 billion, from LuBian-linked wallets just a week prior.
These developments are also noteworthy in light of recent actions taken by the U.S. Department of Justice (DOJ). On October 14, the DOJ announced one of the largest crypto forfeiture cases in history, targeting the Prince Holding Group and its founder, Chen Zhi. The complaint seeks the forfeiture of approximately $14.4 billion in Bitcoin tied to an alleged international fraud network, with the DOJ alleging that Zhi and his co-conspirators used companies, including LuBian, to launder illicit proceeds and generate “clean Bitcoin dissociated from criminal proceeds.”
As the situation continues to unfold, it remains to be seen what the ultimate fate of the stolen Bitcoin will be. However, one thing is certain: the recent movements of LuBian-linked wallets have reignited interest in this longstanding mystery, and the crypto community will be watching closely for further developments. Bitcoin’s price has reacted to the news, trading at $107,932 after tumbling 3.88% in the last 24 hours, according to crypto.news data.
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