LuBian Mining Pool associated Wallet suddenly awakens, transferring nearly 1.3 billion dollars in Bitcoin, the timing coincidence raises market doubts.

The U.S. Department of Justice has just announced the largest cryptocurrency seizure operation in recent times, prosecuting the Cambodian Prince Group and its founder Chen Zhi for serious cases involving Pig-butchering scams, human trafficking, and forced labor. Meanwhile, a Bitcoin Wallet that had been dormant for over three years has suddenly awakened, transferring nearly $1.3 billion worth of Bitcoin in a short period, sparking widespread attention and speculation in the crypto community. On-chain monitoring institutions Lookonchain and Arkham Intelligence tracked and found that 9,757 BTC (approximately $1.1 billion) were first transferred to multiple new Addresses; a few hours later, an additional 2,129 BTC (approximately $238 million) was transferred out, bringing the total transfer amount to 11,886 BTC. According to investigative reports, this transfer occurred within just 24 hours after the U.S. Department of Justice announced the crackdown on the Prince Holding Group's major case, raising significant public interest and discussion, leaving many questions unanswered, including who the LuBian Mining Pool hacker was, why the Wallet suddenly recovered and was transferred, and various conspiracy theories suggesting that the hacker was actually the CIA stealing the funds held by the U.S. authorities. The following is a comprehensive report on the data and news.

11,886 BTC were transferred within a few hours.

On-chain monitoring organizations Lookonchain and Arkham Intelligence tracked and discovered that the suddenly awakened wallet first transferred 9,757 BTC (approximately 1.1 billion USD) to multiple new addresses, and a few hours later transferred another 2,129 BTC (approximately 238 million USD), totaling 11,886 BTC, which amounts to about 1.3 billion USD based on market value. The “coincidence” in the timing of this transaction has led the market to speculate whether it is related to actions by the Department of Justice.

Is it prevention or coincidence? Market opinions are divided.

Analysts have pointed out that it is not uncommon for large Bitcoin holders to reallocate funds after significant law enforcement actions, possibly to mitigate risks, enhance asset privacy, or prevent funds from being frozen. However, some observers urge a rational perspective, believing that some miners reallocating funds during market fluctuations is a normal operation, especially when operational pressures or funding demands increase.

The Cambodia BCH Group scam case reveals that the LuBian Mining Pool is involved in money laundering.

The indictment from the U.S. Department of Justice reveals that the BCH group has been “washing” illegal profits into legitimate Crypto Assets through a large-scale mining network that includes the China-based LuBian Mining Pool. Court documents indicate that these mining facilities are located in Laos, Texas, and China, with LuBian previously being the sixth largest Bitcoin Mining Pool in 2020. The U.S. is seeking to recover Crypto Assets worth $14.4 billion, alleging that the related mining pools aided the production of clean Bitcoin unrelated to crime.

The mysterious LuBian Bitcoin Mining Pool case continues.

According to past news reports, Arkham's investigation shows that the LuBian Mining Pool was hacked in 2020, with over 5,000 Wallets stolen, resulting in a total loss of more than 127,000 Bitcoins. Since Bitcoin's price was low at the time, it was valued at around $3.5 billion, but based on today's market price, it has soared to over $14.5 billion, making it one of the largest crypto assets heists in history. Despite the passage of time, the hackers still hold all the stolen funds, with no signs of large-scale money laundering or spending. The LuBian vulnerability likely exploited a fundamental weakness in the platform's security architecture, as its private key generation relied solely on 32-bit entropy, which is considered a dangerously low standard according to encryption norms, allowing hackers to deploy brute-force attacks with just a gaming computer and patience, meaning Bitcoin was subject to relatively low-level digital protection.

The long-lost Bitcoin suddenly resurfaces, leaving behind a mystery.

What draws attention is that, according to media reports, the transfer amount of 11,886 BTC exactly matches the number of LuBian Wallet recoveries mentioned in Arkham Intelligence's report in September. It is said that LuBian was hacked as early as 2020, losing up to 127,426 BTC (valued at approximately 3.5 billion USD), and then the Mining Pool disappeared from the internet in 2021. This historical background makes the sudden awakening of the wallet even more enigmatic.

This article discusses how the LuBian Mining Pool associated Wallet suddenly awakened and transferred nearly 1.3 billion dollars worth of Bitcoin, raising market suspicions due to the timing. It first appeared on on-chain news ABMedia.