Biggest Crypto Theft Ever Exposed 😱
July was absolutely insane, and it had us all holding onto our wallets. At some point, it felt like the higher we flew the further we fell, but yeah, the biggest crypto stories are often the ones nobody talks about…. But us 😁
Our happy new month comes with a $14.5 BILLION Bitcoin heist that's been sitting in plain sight. We're talking about the biggest Bitcoin theft in history that nobody knew about. On top of that, someone thought it was cool to vandalize Satoshi's statue while Bitcoin hodlers are panic-selling like it's 2018 all over again.
SPOILER ALERT: The statue wasn’t exactly vandalized
This week's menu includes:
- Arkham Exposes $3.5B Bitcoin Theft from LuBian in China, Now Worth $14.5B
- Satoshi Nakamoto Statue Recovered After Vandalism in Swiss Bitcoin Hub
- $14 Billion Chinese Bitcoin Mining Pool Theft Exposed as Biggest Crypto Hack Ever
- Bitcoin hodlers 'bleed' as Binance daily inflows near 7K BTC
Arkham Exposes $3.5B Bitcoin Theft from LuBian in China, Now Worth $14.5B
Arkham Intelligence has uncovered one of the largest Bitcoin thefts in history. The blockchain data firm revealed that 127,426 Bitcoins were stolen from a Chinese mining pool called LuBian in December 2020. At that time, these stolen coins were approximately 3.5 billion dollars. The total value has now skyrocketed to 14.5 billion dollars because of the increase in the value of Bitcoin. LuBian was a mining pool that had plants in China and Iran. It did not publicize the hack. The hacker did not talk about it either. It is Arkham who reports the theft.
Satoshi Nakamoto Statue Recovered After Vandalism in Swiss Bitcoin Hub
The famous Satoshi Nakamoto statue in Lugano, Switzerland has been recovered after being reported stolen over the weekend. Municipal workers found the artwork broken into pieces in Lake Lugano on Sunday. The statue was discovered in several fragments both in the water and along the riverbank. This damage pattern suggests the incident was vandalism rather than theft for monetary gain. Unknown individuals had removed the statue from its base in Parco Ciani, a lakefront park in the Swiss city.
$14 Billion Chinese Bitcoin Mining Pool Theft Exposed as Biggest Crypto Hack Ever
According to Arkham Intelligence, hackers stole 127,426 BTC from LuBian, a Chinese mining pool. The stolen Bitcoin was worth $3.5 billion at the time. Due to Bitcoin’s price surge, those assets are now valued at $14.5 billion. LuBian operated mining facilities in China and Iran. In 2020, it controlled almost 6% of Bitcoin’s total hash rate. Arkham’s on-chain analysis found that over 90% of LuBian’s BTC was drained on December 28, 2020. Additional funds were stolen two days later from a Bitcoin Omni Layer address.
Bitcoin hodlers 'bleed' as Binance daily inflows near 7K BTC
Bitcoin hodlers are selling across the board as BTC price action dips below $112,000, data suggests. Numbers from onchain analytics platform CryptoQuant show both newer investors and whales sending coins to exchanges. Bitcoin hitting new three-week lows Sunday has done nothing to steady hodlers’ nerves, and exchange flows show a rush for the exit. CryptoQuant reveals that the amount sent to exchanges at a loss by short-term holders (STHs) in 24 hours passed 40,000 BTC on Aug. 1.
Other Highlights Worth Mentioning
Binance Opens 'Bitcoin Options Writing' to All Users - Coindesk
Crypto victim loses $908K in sophisticated phishing attack - Cointelegraph
Tornado Cash co-founder faces jury after closing arguments wrap - TradingView
SharpLink's Ethereum treasury hits $1.65B with latest $54M ETH purchase - Mitrade
COINIGY MEME OF THE WEEK
COINIGY FACT OF THE DAY.
The Crypto Market Crashed as Bitcoin Fell on August 4, 2024
On August 4, 2024, the broader crypto market suffered a sharp decline as Bitcoin fell over 15%, triggered by weak U.S. economic data and mounting recession fears. This rapid drop reversed the optimism sparked by recent approvals of spot Bitcoin and Ethereum ETFs, highlighting crypto’s sensitivity to macroeconomic headwinds