LuBian Wallet Moves $1.1B in Bitcoin After Three Years of Inactivity

A Bitcoin wallet linked to the hacked LuBian mining pool moved 9,757 BTC worth $1.1 billion after three years of inactivity, sparking speculation over possible links to a U.S. DOJ seizure.

Dormant LuBian wallet awakens after long silence

A wallet associated with LuBian, a major Bitcoin mining pool hacked in December 2020, moved nearly 9,757 BTC, worth $1.1 billion, on Wednesday, according to blockchain analytics firms Peckshield and Lookonchain.

The address labeled “39DUz” transferred the coins to two new addresses: “34kn9z…s9tef” and “bc1q4c…77s0.” It remains unclear whether the transfers indicate liquidation attempts or a simple migration to more secure wallets.

Department of Justice investigates stolen LuBian funds

The massive movement of coins comes amid reports that the U.S. Department of Justice (DOJ) seeks to forfeit 127,271 BTC stolen from LuBian in 2020, currently valued at $14.4 billion.

On Tuesday, the DOJ announced the seizure of $15 billion worth of Bitcoin tied to Prince Group, a criminal network accused of operating forced-labor scam compounds across Cambodia.
Blockchain forensics firm Elliptic confirmed that these bitcoins were part of the assets stolen from LuBian during the 2020 hack.

Analysts warn of potential market volatility

Experts note that the sudden activation of such a large dormant wallet could trigger short-term volatility in the Bitcoin market. However, there is no evidence that the funds have been deposited to exchanges or sold so far.

According to blockchain analysts, old wallets often move coins to enhance security or avoid regulatory scrutiny, especially amid high-profile investigations involving stolen crypto assets.