Wallets associated with the hacked Chinese mining pool LuBian have just made a move that leaves no doubt – the bitcoins stolen in 2020 are still in the game. In the coordinated action, 15,959 BTC with an estimated value of $1.83 billion were transferred to four separate addresses. Will this bring law enforcement closer to catching the perpetrators of this audacious BTC heist from 5 years ago?
The story of the biggest BTC theft – LuBian in the spotlight
LuBian, a once little-known Chinese mining pool that later developed significantly, has become the subject of numerous media reports in recent weeks. Many industry websites detailed the 2020 incident, estimating the current value of the stolen coins at billions of dollars. Problem? The lack of transparency and weak internal controls in smaller pools created the perfect conditions for massive misappropriation of funds.
The heist itself took place in December 2020 and involved as much as 127,426 BTC – the loot is currently valued at approximately USD 14.5 billion. At the time of the theft, the value of this BTC was “only” USD 3.5 billion, which still made it the largest cryptocurrency theft in history – based on the value of the dollar at that time. In comparison, the fall of Mt. Gox involved a larger number of bitcoins (approximately 744,000 BTC), but at much lower prices, which meant losses of only a few hundred million USD.
What next with the stolen funds?
Now all eyes of blockchain detectives are on the four target wallets. Blockchain watchers will monitor whether the funds will be consolidated, sent to exchanges’ known deposit addresses, or whether they will end up at cryptocurrency mixers – standard procedure in the world of stolen digital assets.
Blockchain transparency is both a blessing and a curse for cybercriminals. On the one hand, every movement is visible and can be tracked in real time. On the other hand, appropriate tools can effectively cover traces.
Hackers are not going to sit idly by on $1.83 billion. This is not Smaug on a mountain of gold, especially considering the recent market declines, which have significantly reduced the loot of blockchain robbers. What will the thieves do next and will they be able to recover at least some of the stolen funds? Arkham, as well as the entire community of blockchain detectives, is watching with bated breath. 4 wallets with stolen BTC are being watched more closely than the Joker in Arkham Asylum.
