LuBian Mining Pool Hacked in December 2020

Arkham Intelligence uncovered the hack on Saturday, revealing that the LuBian mining pool, which was the sixth-largest BTC mining pool at the time, was attacked on December 28, 2020. About 90% of its Bitcoin was stolen by hackers before the pool managed to transfer its remaining 11,886 BTC to recovery wallets. Neither LuBian nor the hackers reported the attack at the time.

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The hackers embedded OP_RETURN messages in 1,516 transactions to store wallet addresses. Arkham also noted that LuBian used a private key generation algorithm that was susceptible to brute-force attacks, which may have been the vulnerability exploited by the hackers.

The Aftermath and Crypto Security Warning

At the time of the hack, the stolen Bitcoin was worth $3.5 billion, but now, at current prices, it’s valued at around $14.5 billion. Arkham highlights this incident as a critical reminder for crypto users to implement robust private key management and security practices. The breach also serves as a warning for all cryptocurrency investors about the risks of weak algorithms and poor cybersecurity practices.

A Turning Point in Crypto Theft History

The LuBian hack surpasses the $1.5 billion ByBit hack from earlier this year, which was previously considered the largest crypto theft in history. This event, along with several other notable hacks, highlights the ever-present threats in the crypto space. In April, an elderly individual lost $330 million in Bitcoin via a social engineering attack, which was later laundered through 300 different wallet addresses.

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On April 26, a hacker siphoned around $5.7 million USDC and 1,200 SOL by executing a series of undercollateralized loans, co-founder Mary Gooneratne said.

Following the attack, Loopscale announced it had re-enabled loan repayments, balance top-ups, and loop closing. However, “all other app functionalities, including Vault withdrawals, remain temporarily restricted” as investigations continue.

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Gooneratne clarified that only the USDC and SOL vaults were impacted, with the losses representing about 12% of the protocol’s total value locked (TVL).

DeFi Sector Continues to Face Cyber Threats!

The Loopscale team emphasized that they are fully mobilized to investigate the incident, recover the stolen funds, and protect users.

In the first quarter of 2025, hackers stole over $1.6 billion in cryptocurrencies from exchanges and on-chain smart contracts. Over 90% of these losses were attributed to the $1.5 billion hack on the centralized exchange ByBit, reportedly orchestrated by North Korea’s Lazarus Group.

Loopscale’s Innovative Lending Model

Loopscale officially launched on April 10 after a six-month closed beta. The platform aims to boost capital efficiency by directly matching lenders and borrowers.

Unlike traditional DeFi platforms like Aave, Loopscale operates on an order book model rather than liquidity pools.

Its main USDC and SOL vaults currently offer annual percentage rates (APRs) exceeding 5% and 10%, respectively. It also supports lending markets for tokens such as JitoSOL, BONK, and looping strategies for over 40 token pairs.

Loopscale holds approximately $40 million in total value locked and has attracted over 7,000 lenders, according to researcher OurNetwork.

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