LuBian Wallet Awakens After 3 Years, Transfers $1.1B BTC
- LuBian’s dormant wallet reactivates, transferring 9,757 BTC worth $1.1 billion.
- In 2020, LuBian controlled 6% of Bitcoin’s hash rate, followed by a massive theft.
- U.S. DOJ seizes 127,271 BTC linked to LuBian, marking the largest forfeiture in history.
Lookonchain, an analytical platform, has revealed that one of LuBian’s wallets has been reactivated after three years of dormancy. The wallet transferred 9,757 BTC (worth $1.1 billion) to new addresses. This transfer comes just a day after the U.S. government announced its efforts to forfeit 127,271 BTC ($14.4 billion) linked to the LuBian hack.
LuBian was once one of the largest Bitcoin mining pools globally. In 2021, it reportedly controlled nearly 6% of Bitcoin’s total hash rate. If the theft is confirmed, it would surpass other major crypto hacks like Mt. Gox and Bitfinex in nominal value at the time of the breach.
LuBian’s $14.5B Bitcoin Theft Exposed After Years
The story began in December 2020 when Arkham Intelligence uncovered a major theft from LuBian. The platform reported that 127,426 BTC, valued at $3.5 billion at the time, had been stolen. The attack allegedly exploited weaknesses in the cryptographic algorithm used by LuBian to generate keys, allowing hackers to execute brute-force attacks.
The stolen coins remained dormant until June 2024, when they were moved to new wallets. Since then, they have stayed in these new wallets, out of public view.
Bitcoin’s price surge since 2020 has raised the value of these stolen Bitcoins to approximately $14.5 billion. This makes the hacker’s wallet the 13th largest BTC holder globally, surpassing even the holdings tied to the Mt. Gox breach. The wallet’s balance now represents a significant portion of Bitcoin’s total market value.
DOJ Unseals Indictment and Seizes $15B in Bitcoin from LuBian Theft
On October 14, 2025, the U.S. DOJ unsealed an indictment against Prince Group chairman Chen Zhi. The indictment accuses him of wire fraud and conspiracy to commit money laundering stemming from frauds conducted by his group. The boots on the ground in these activities included something called LuBian, the Bitcoin-mining operation that was robbed.
Related: DOJ Seizes 127K Bitcoin, Pushing US Crypto Reserve to $36B
Along with the indictment, the DOJ announced its largest-ever forfeiture action. The department confiscated 127,271 BTC from Zhi, approximately $15 billion in value. These coins were tied to the same addresses used by LuBian, and the DOJ says it now has control of them. This is the biggest forfeiture in U.S. history, but what happens to the funds now is anyone’s guess.
The DOJ’s action brings clarity to the fate of the stolen Bitcoin. It’s still unclear exactly how the coins ended up in U.S. custody. Whether the theft was truly a result of hacking or an internal issue remains unconfirmed. The case’s complexity has captured the crypto world’s attention. The substantial value of the seized BTC, combined with its connection to a global mining operation, makes this case particularly significant.
As the investigation unfolds, the legal ramifications of this massive seizure are yet to be fully understood. It raises crucial questions about crypto security and government involvement in seizing assets. The LuBian case may set important precedents for future cases of cryptocurrency theft and fraud, especially as more nations tighten regulations in the sector.
