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Ripple Co-Founder Suffers $150 Million XRP Loss In LastPass Hack, Crypto Sleuth Finds
The post Ripple Co-Founder Suffers $150 Million XRP Loss In LastPass Hack, Crypto Sleuth Finds appeared on BitcoinEthereumNews.com. Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure In an interesting turn of events, the January 2024 theft of 283 million XRP (worth approximately $150 million at current market price) from the wallet of Ripple co-founder Chris Larsen has been linked to the security breach of password manager LastPass. This discovery was recently made public by prominent blockchain investigator ZachXBT. How Did The Ripple Co-Founder Lose His Assets? On Friday, March 7, ZachXBT took to their Telegram channel to share a screenshot of a forfeiture complaint submitted on Thursday by US law enforcement. According to the crypto sleuth, Larsen’s wallet lost roughly $150 million worth of XRP tokens because the co-founder stored his private keys in a password manager named LastPass. For context, LastPass suffered significant security incidents and data breaches in late 2022, which led to customer data leaks and password vault exploits. By September 2023, a potential link was established between this security breach and more than $35 million in cryptocurrency stolen from several victims since December 2022. As reported by Bitcoinist, approximately $4.4 million in digital assets were stolen from 85 distinct wallets belonging to 25 LastPass users on October 25, 2023 alone. In late January 2024, ZachXBT revealed in an online post that Ripple had been exploited for about 213 million XRP (worth roughly $112.5 million at the time). The co-founder later confirmed that there had indeed been “unauthorized access” to his personal XRP wallets — but not Ripple’s. Source: ZachXBT/Telegram As highlighted in the forfeiture complaint, it seems Larsen’s private wallet keys were compromised in the two major data security breaches that affected a commercial online password manager in 2022. The United States Federal Bureau of Investigation (FBI) discovered that the passwords stolen in these breaches were used to illegally obtain…
The post Ripple Co-Founder Suffers $150 Million XRP Loss In LastPass Hack, Crypto Sleuth Finds appeared on BitcoinEthereumNews.com.
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure In an interesting turn of events, the January 2024 theft of 283 million XRP (worth approximately $150 million at current market price) from the wallet of Ripple co-founder Chris Larsen has been linked to the security breach of password manager LastPass. This discovery was recently made public by prominent blockchain investigator ZachXBT. How Did The Ripple Co-Founder Lose His Assets? On Friday, March 7, ZachXBT took to their Telegram channel to share a screenshot of a forfeiture complaint submitted on Thursday by US law enforcement. According to the crypto sleuth, Larsen’s wallet lost roughly $150 million worth of XRP tokens because the co-founder stored his private keys in a password manager named LastPass. For context, LastPass suffered significant security incidents and data breaches in late 2022, which led to customer data leaks and password vault exploits. By September 2023, a potential link was established between this security breach and more than $35 million in cryptocurrency stolen from several victims since December 2022. As reported by Bitcoinist, approximately $4.4 million in digital assets were stolen from 85 distinct wallets belonging to 25 LastPass users on October 25, 2023 alone. In late January 2024, ZachXBT revealed in an online post that Ripple had been exploited for about 213 million XRP (worth roughly $112.5 million at the time). The co-founder later confirmed that there had indeed been “unauthorized access” to his personal XRP wallets — but not Ripple’s. Source: ZachXBT/Telegram As highlighted in the forfeiture complaint, it seems Larsen’s private wallet keys were compromised in the two major data security breaches that affected a commercial online password manager in 2022. The United States Federal Bureau of Investigation (FBI) discovered that the passwords stolen in these breaches were used to illegally obtain…
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