Ripple Co-Founder Chris Larsen Loses $150 Million in XRP to LastPass Hack

Ripple co-founder Chris Larsen was the target of a significant cryptocurrency theft, with approximately $150 million worth of XRP being stolen. This incident is believed to be linked to the LastPass breach, which compromised the security of many users' passwords and sensitive information. The breach, which occurred in 2022, allowed hackers to steal source code and technical data by compromising a developer's account. By November of that year, they used this access to infiltrate a cloud storage system, stealing encrypted customer password vaults and unencrypted metadata for an estimated 25 million users.

Although the 'vaults' were encrypted, weak or reused master passwords could be brute-forced, exposing stored data. Hackers exploited this vulnerability, accessing Larsen’s keys and siphoning off the XRP, valued at $150 million at the time of the theft and over $600 million as of the latest prices. The fallout from the 2022 LastPass hack has been extensive and remains ongoing. In December, a team of cybersecurity experts focused on the crypto market estimated that crypto losses connected to the breach had touched at least $250 million as of May 2024.

The theft of Larsen's XRP highlights the growing threat of cybercrime in the cryptocurrency industry. Cryptocurrency thefts, including hacking, phishing, and various scamming schemes, have become increasingly common. The LastPass breach is just one example of how cybercriminals can exploit vulnerabilities in password management systems to gain access to valuable digital assets. This incident underscores the importance of robust security measures and the need for users to be vigilant in protecting their digital assets.

The theft of Larsen's XRP is part of a broader trend of high-profile cryptocurrency heists. In recent years, there have been several notable cryptocurrency thefts, including the Coincheck hack in 2018, where $400 million worth of NEM tokens were stolen, and the NiceHash hack, where $60 million was stolen. These incidents have raised concerns about the security of digital assets and the need for improved security measures in the cryptocurrency industry.

The LastPass breach and the theft of Larsen's XRP serve as a reminder of the importance of cybersecurity in the cryptocurrency industry. As the value of digital assets continues to grow, so too