Ripple Co-Founder Chris Larsen Lost $661 Million in XRP Due to LastPass Hack: Report
In a shocking revelation, Ripple co-founder and executive chairman Chris Larsen has lost over $661 million worth of XRP due to a hack of password manager LastPass. According to a forfeiture complaint filed by federal prosecutors, Larsen's wallet was compromised by the 2022 LastPass hack.
The theft occurred in January 2024, when Larsen's personal wallets were targeted by the cyber attack. The stolen XRP would be worth $661.6 million at today's prices, making it one of the largest hacks in cryptocurrency history. Despite this massive loss, Larsen still holds roughly $7.18 billion worth of XRP after sending over $100 million worth of the altcoin to crypto exchanges in January alone.
"A forfeiture complaint filed yesterday by US law enforcement revealed the cause for the 283 million XRP hack of Ripple co-founder, Chris Larsen's wallet in January 2024 was the result of storing private keys in LastPass," said ZachXBT, an on-chain investigator. "Up to this point, Chris Larsen had not publicly disclosed the cause of the theft."
Larsen originally acknowledged the hack in February of 2024, specifying that it targeted his personal wallets and not Ripple's company addresses. The incident has raised questions about the security measures in place for password managers like LastPass.
"With the announcement of the US Crypto Reserve here’s your reminder that XRP addresses activated by Chris Larsen (co-founder of Ripple) still hold 2.7 billion+ XRP and these addresses tied to him transferred $109 million+ worth of XRP to exchanges in January 2025…," added ZachXBT.
"Disclaimer: multiple of these addresses have been dormant for six to seven years so it’s possible he lost access or sent funds to other people in Feb 2013…" The comment highlights the complexity of cryptocurrency transactions and the potential risks associated with storing large amounts of XRP in personal wallets.
A Reminder of Cryptocurrency Security Risks
The incident serves as a reminder of the importance of robust security measures when handling sensitive data like passwords and private keys. The use of password managers can provide an added layer of protection, but it's crucial to regularly update and secure these accounts to prevent unauthorized access.
Investor Beware
For investors who have been following the story of Chris Larsen and Ripple, this development highlights the importance of due diligence when investing in cryptocurrencies. While XRP has shown significant growth potential, it's essential to understand the risks associated with cryptocurrency investments, including the potential for hacking and security breaches.
Disclaimer
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