The $13 Billion Bitcoin Heist: A Tale of Hacker Espionage and State-Sponsored Cyberwarfare

In October 2025, a colossal shadow fell across the world of cryptocurrency. A $13 billion bitcoin heist, one of the largest in history, shook not just the financial landscape but also international relations between China and the United States. This unprecedented act of cybercrime was perpetrated against LuBian, one of the world's largest Bitcoin mining pools, leaving behind an intricate web of clues and unanswered questions.

The incident involved a sophisticated hacking attack that began in late 2020, culminating in the theft of over 127,000 bitcoins from LuBian’s core wallet. The attacker vanished into thin air, leaving no trace until August 2nd, 2025, when Arkham Intelligence unveiled their findings, confirming a staggering scale and intricacy of the crime.

The investigation revealed an unsettling story of coordinated cyber espionage that points towards both state-sponsored actors and skilled private hackers.

A Mysterious Hacker's Master Plan
LuBian had been on the brink of closure in early 2021 when this theft shook their existence to its core. The hacker, or hackers, seemingly took advantage of LuBian’s vulnerability – an uncommon flaw in a system that has long been considered secure – and orchestrated a complex cyber operation that allowed them to siphon off a massive amount of cryptocurrency.

Despite attempts at communication, the perpetrator remained elusive until 2024 when their ill-gotten gains were moved into new on-chain addresses, further solidifying their identity as enigmatic figures operating beyond international borders. The U.S. Department of Justice (DoJ) stepped in, unveiling the shocking truth: the stolen Bitcoin was traced back to a man named Chen Zhi, the mastermind behind LuBian's downfall.

The DoJ's Indictment and its Implications
On October 14th, 2025, the U.S. Department of Justice filed an indictment against Chen Zhi and seized his Bitcoin on-chain address private key. The indictment unveiled a vast network of criminal activity, stretching back to China’s infamous pig-butchering industry, which is suspected to be run by Chen Zhi's illicit empire.

China, meanwhile, has been vocal in its disapproval of the U.S. government's alleged cyber operation against Chinese companies. This incident serves as a potent reminder of the growing tensions between these two superpowers and their clashing interests in the digital world.

A Tale of Intrigue: Unraveling the Mysteries of LuBian's Heist
The theft of this staggering sum raises questions about the motives behind the crime and the potential players involved. Is it a case of pure greed, or is there something deeper at play?

• China’s Stance: China has accused the U.S. government of orchestrating attacks on Chinese companies, further fueling suspicions that state-sponsored cyberwarfare may have been behind the heist.
• The Hacker's Motive: While the motive remains unclear, experts believe that this attack could be a part of a larger plan to cripple LuBian and potentially use their stolen funds for nefarious purposes.
• U.S. Actions: The U.S. government has launched an investigation into the incident, seeking answers about who orchestrated the hack, their motivations, and if they have received any assistance from outside forces.

Beyond Bitcoin: A Bigger Picture
The LuBian hacking saga transcends the realm of mere cybercrime; it exposes a deeper conflict within the global geopolitical landscape where cybersecurity has become a battleground for international power.

This incident serves as a stark reminder that in the age of digital warfare, state-sponsored hacks and criminal networks are increasingly intertwined, blurring the lines between cyberwarfare and organized crime. The aftermath of this hacking spree leaves us with more questions than answers, prompting a deeper conversation about how to address the escalating threats within our increasingly interconnected world.