YEREVAN (CoinChapter.com) — Chris Larsen, co-founder of Ripple, misplaced $150 million price of XRP in January 2024. The theft, linked to the LastPass information breach from 2022, remained undisclosed till a current U.S. legislation enforcement submitting.
The investigation confirmed that Larsen’s non-public pockets keys have been saved in LastPass, a password supervisor that suffered a significant safety breach. The publicity led to important monetary losses, with stolen funds transferred throughout a number of wallets.
LastPass Breach Results in One of many Largest Crypto Thefts
In 2022, LastPass was hacked, exposing 1000’s of person credentials, together with these of cryptocurrency wallets. On the time, round $35 million in crypto was stolen from 150 victims. The brand new revelation exhibits that the precise losses have been a lot greater.
A forfeiture grievance filed by U.S. legislation enforcement recognized that Larsen’s XRP pockets was compromised as a result of his non-public keys have been saved on LastPass. The breach allowed attackers to entry and steal his XRP holdings with out resistance.
Till now, Larsen had not publicly disclosed the explanation behind the theft. Legislation enforcement confirmed that this case is among the many largest crypto-related losses linked to LastPass.
ZachXBT Criticizes LastPass for Safety Failures
ZachXBT, a blockchain investigator, highlighted LastPass’s position in a number of crypto thefts. He said that the corporate did not disclose the complete affect of its breach, leaving customers unaware of their publicity.
“A forfeiture complaint filed yesterday by U.S. law enforcement revealed the cause for the $150 million hack of Ripple co-founder Chris Larsen’s wallet in January 2024. It was due to storing private keys in LastPass, which was hacked in 2022. Until now, Chris Larsen had not publicly disclosed the cause of the theft,”
he posted on Telegram.
Safety consultants have beforehand warned towards storing cryptographic keys in password managers. Larsen’s XRP hack is now one of many largest particular person crypto losses tied to the LastPass breach.
XRP Value Drops After Hack Disclosure
Following the revelation, XRP’s price dropped by greater than 7%. The token had been trying a price rebound earlier within the day, however the information of the hack added downward strain.
XRP has skilled important volatility, with a 20% drop final month after a Trump-related crypto announcement. The market response to the hack additional elevated uncertainty for buyers.
Chris Larsen and LastPass Stay Silent on Investigation
Thus far, Chris Larsen has not commented on the investigation. His social media has been inactive since October 2024, when he final posted about election-related subjects.
In the meantime, LastPass continues promoting its companies regardless of ongoing criticism over its safety vulnerabilities. The legislation enforcement report confirms that the 2022 breach performed a significant position in one of many largest XRP thefts.
