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anchored·4YxE6B…KdXrSummary
LuBian (lubian.com) was a China-based Bitcoin mining pool that briefly ranked among the world's six largest before ceasing operations in early 2021. The pool is alleged to have functioned as a money laundering vehicle for Chen Zhi's Prince Group, a transnational criminal organization that operated forced-labor pig-butchering scam compounds in Cambodia. In October 2025, the U.S. Department of Justice announced the largest forfeiture in its history — approximately 127,271 BTC (~$15 billion) — directly linked to LuBian and Chen Zhi's criminal enterprise.
Connected Entities
5 entities · 60 linked investigations- Chen Zhi / Prince Group→mentioned with→Bitcoin(80%)
- Chen Zhi / Prince Group→mentioned with→LuBian(70%)
- ZachXBT→mentioned with→Bitcoin(65%)
- Chen Zhi / Prince Holding Group→mentioned with→Bitcoin(70%)
- LuBian→mentioned with→Chen Zhi / Prince Holding Group(75%)
- LuBian→mentioned with→Chen Zhi / Prince Group(80%)
- Chen Zhi / Prince Holding Group→mentioned with→Chen Zhi / Prince Group(90%)
- LuBian→mentioned with→ZachXBT(70%)
- LuBian→mentioned with→Bitcoin(70%)
- Chen Zhi / Prince Group→mentioned with→Chen Zhi / Prince Holding Group(85%)
- + 1 more
Timeline(12 events)
13 May 2020
LuBian ranked 6th largest Bitcoin mining pool globally, controlling approximately 6% of network hashrate, according to BTC.com data.
14 August 2020
Co-founder Liu Ping publicly confirms LuBian operates the largest compliant Bitcoin mining farm in Iran, with Chinese and Iranian investors and ties to Iranian government ministries.
28 December 2020
Approximately 127,272 BTC (~$3.5 billion at the time) drained from LuBian wallets in under two hours, exploiting a 32-bit entropy flaw in the pool's private key generation algorithm.
February 2021
LuBian ceases all public mining operations without explanation; last block mined approximately March 1, 2021.
August 2023
MilkySad vulnerability (CVE-2023-39910) disclosed; researchers identify LuBian's compromised wallet addresses as linked to the same cryptographic flaw.
April 2024
MilkySad publishes formal research update linking the December 2020 LuBian mass withdrawal to weakly generated private keys, identifying lubian.com as the former wallet holder.
June 2024
First large-scale wallet consolidation movements observed in addresses holding stolen LuBian funds, after years of dormancy; funds subsequently entered U.S. government custody.
2 August 2025
Arkham Intelligence publicly discloses the December 2020 LuBian theft, describing it as the largest cryptocurrency hack in history at $3.5 billion (now $14.8 billion).
14 October 2025
DOJ unseals indictment against Chen Zhi (Prince Group chairman) for wire fraud and money laundering; announces civil forfeiture of approximately 127,271 BTC (~$15 billion), the largest in U.S. government history, linked to LuBian.
15 October 2025
A LuBian-linked wallet dormant for over three years moves 9,757 BTC (~$1.1 billion) to new addresses, one day after DOJ announcement.
22 October 2025
Additional movement of approximately $1.83 billion in Bitcoin from LuBian-associated hacked addresses.
13 November 2025
China's National Computer Virus Emergency Response Center publishes report accusing the U.S. government of orchestrating the LuBian hack; U.S. denies all allegations.
Decision Log
- hash: AviMdoCbbw3wejp4xHo9ygokrGz8k3dCJ63rJu6pZwJ
This investigation is cryptographically anchored to the Solana blockchain (1 event). 25 of 28 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:59 AM
last updated: 8/30/2026, 4:47:13 PM
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