# $XRP Plunges Amid Report: $150M $XRP Hack Of Ripple Co-Founder's Wallet Linked To LastPass Breach

The cryptocurrency market took a hit over the weekend as XRP prices plummeted, dipping as low as $2.11 at one point on Sunday. The sudden drop in price can be attributed to a recent report that revealed a massive hack of Ripple co-founder Chris Larsen's wallet, which is linked to a major security breach of password manager LastPass.

In January 2024, prominent cryptocurrency sleuth ZachXBT first flagged the hacking of Larsen's private wallets, stating that some $112.5 million worth of XRP were wiped from the wallets. At the time, Larsen acknowledged that there was unauthorized access to some of his personal XRP accounts. However, it wasn't until Saturday that ZachXBT shared more details about a forfeiture complaint filed by U.S. authorities late last week.

According to ZachXBT, the complaint revealed that the hack was caused by storing private keys in LastPass, which suffered a major security breach in mid-2022. The hackers exploited the vulnerability to access "credentials and keys" used by an employee for decrypting storage volumes within the platform's cloud-based storage device. By November 2022, the hackers had already stolen encrypted customer password vaults and unencrypted metadata of over 25 million LastPass users.

Crypto users have been quick to criticize Larsen over the breach, with some calling him out for not being more transparent about the issue or taking action sooner. "He had one year to respond and move wallet," said one user. "Lol imagine founding a crypto and don't practice the actual principles of crypto with your own product," said another.

ZachXBT has also taken to X to share his thoughts on the matter, suggesting that Larsen should have been more transparent about the root cause of the hack or helped organize a class action against LastPass. "Only if Chris Larsen had shown basic transparency with sharing their findings for the root cause prior to this or had helped organize a class action against LastPass," he said.

Meanwhile, Ripple has yet to issue a statement on the matter, leaving many to wonder what exactly happened and how it could have been prevented. The fact that Larsen's private keys were stored in LastPass has raised serious questions about the security of his wallet and the trustworthiness of the platform.

The XRP Ledger's native token is currently down 9% in the day, trading at around $2.13 late Sunday night. This drop in price can be attributed to the news spreading on social media, as users became aware of the massive hack linked to LastPass. Ripple was rallying as high as $2.81 three days before ZachXBT flagged the filing, but the sudden drop in price has sent XRP prices plummeting.

As the situation continues to unfold, one thing is clear: the security of cryptocurrency wallets and password managers is a top priority for users. With hackers constantly looking for ways to exploit vulnerabilities, it's essential that platform owners prioritize transparency and take proactive steps to protect user funds.