Ripple Co-founder Chris Larsen Loses $150 Million in XRP After LastPass Hack
1min read Ripple Co-founder Chris Larsen recently suffered a significant financial loss when approximately $150 million worth of XRP was stolen from his wallet in January. The theft was linked to the 2022 breach of the password management software LastPass, where Larsen had stored his private wallet keys. This incident highlights the vulnerabilities associated with storing sensitive information on third-party platforms, even those designed for security.
ZachXBT, a well-known investigator in the crypto industry, uncovered the details of the hack. According to a US law enforcement filing, the breach was directly related to the 2022 LastPass hack, which exposed the private keys of numerous users, including Larsen. The extent of the theft was initially underestimated, with earlier reports suggesting around $35 million in crypto was stolen from 150 victims. However, the latest discovery revealed that the actual amount was much higher, totaling $150 million.
Larsen has not publicly disclosed the cause of the theft until now, and his social media accounts have been inactive since October 2024. The incident has raised concerns about the security of password management software and the potential risks of storing private keys on such platforms. ZachXBT criticized LastPass for its handling of the breach, stating that the company had covered up the extent of the attack and gaslit many confirmed victims. He advised users to avoid LastPass if they prioritize security.
The hack has also sparked discussions within the crypto community about the importance of securing private keys and the potential risks associated with relying on third-party services. The incident serves as a reminder for users to take extra precautions when managing their digital assets and to consider alternative methods for storing private keys, such as hardware wallets or offline storage solutions. The crypto community continues to monitor the situation closely, awaiting further developments and responses from both Larsen and LastPass.
