A massive crypto theft has been linked to a major security breach. Blockchain investigator ZachXBT uncovered that Ripple co-founder Chris Larsen lost around $150 million worth of XRP in January 2024. The culprit? A security breach at password manager LastPass.
How did it happen?
Larsen’s private keys, apparently stored in LastPass, were compromised. LastPass experienced serious security issues in late 2022, leading to data leaks and hackers exploiting user accounts. This breach is now linked to millions of dollars in stolen crypto.
The FBI’s investigation revealed that stolen passwords were used to access victims’ accounts and steal their assets, including cryptocurrency. While the forfeiture complaint doesn’t name LastPass directly, it mentions a San Francisco resident as a victim – Larsen’s location.
ZachXBT’s investigation connected the dots, revealing that Larsen hadn’t publicly discussed the cause of the theft until now. The investigator also pointed out that Larsen holds billions of XRP in other wallets.
The Fallout
This incident highlights the risks of storing sensitive information like private keys in password managers. The sheer scale of Larsen’s loss is a stark reminder of the importance of robust security practices in the crypto world.
XRP Price Update
Currently, XRP is trading around $2.37, up over 5% in the last 24 hours.
