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Ripple Co-Founder Chris Larsen Loses $150 Million in XRP After Security Breach

Coin WorldFriday, Mar 7, 2025 11:43 am ET
1min read

Ripple co-founder Chris Larsen recently experienced a substantial financial setback due to a security breach that compromised his XRP holdings. The incident, which took place in January 2024, resulted in the theft of 213 million XRP tokens, valued at approximately $112 million at the time. The breach was linked to a 2022 security incident involving the password management system LastPass, where hackers gained access to private keys stored within the system.

On-chain security expert ZachXBT was the first to report the attack, underscoring the vulnerabilities in password management systems. The stolen funds were swiftly transferred to various crypto exchanges, including Binance, Kraken, and OKX. Larsen acknowledged the breach, stressing that it was an isolated incident affecting his personal accounts and not Ripple’s corporate wallets. He had not previously disclosed the cause of the security breach.

Following the hack, law enforcement was immediately involved, and several exchanges froze portions of the stolen funds. Binance alone halted $4.2 million worth of XRP. Despite these efforts, a significant amount of the stolen XRP had already been laundered or converted out of XRP by the attackers. The total loss from the breach was estimated to be around $150 million in XRP.

This incident is part of a broader pattern of crypto thefts linked to the 2022 LastPass security breach. Just before Christmas last year, the ‘LastPass threat actor’ stole approximately $5.4 million in crypto assets from over 40 victim addresses, converting the assets to Ethereum and Bitcoin. This event brings the total losses to $250 million. The attackers exploited data stolen during the 2022 incident, in which hackers gained access to LastPass’s systems and exfiltrated encrypted user data.

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11thestate
03/07
ZachXBT gets the scoop again. On-chain sleuths are the real MVPs. Kudos to quick reporting.
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owter12
03/07
@11thestate alright
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pd14200
03/07
$150M down, and it's a reminder that crypto's a wild west of risks and rewards. 🤠
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Curious_Chef5826
03/07
XRP bagholders, beware! Passwords are like toothbrushes—change 'em often. Security is a never-ending game of cat and mouse.
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Straight_Turnip7056
03/07
@Curious_Chef5826 Cool
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Janq55
03/07
Binance froze $4.2M, but the damage was done. Exchanges must be more vigilant. This is why we need better security standards.
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alvisanovari
03/07
Passwords are so 2022, use hardware wallets fam
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iahord
03/07
@alvisanovari 👍
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NinjaImaginary2775
03/07
Wow, $150M gone poof! Passwords ain't secure, folks. Time to 2FA like your life depends on it. 🚀
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KookyPossibleTheme
03/07
@NinjaImaginary2775 Cool
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serenity561
03/07
I'm holding a bit of XRP, but diversifying like crazy. Crypto's a rollercoaster, and security's paramount.
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Really_Schruted_It
03/07
Chris Larsen's XRP bags got lighter. Reminder: crypto's a wild west, and security's king. Don't get rekt.
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vivifcgb
03/07
@Really_Schruted_It Sure
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Virtual_Information3
03/07
Hackers got $250M now. Remember, if it's online, it's not entirely safe. Stay cautious, traders.
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MustiXV
03/07
$TSLA and $AAPL got nothing on XRP drama. Crypto world's always spicy. 😂
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lookingforfinaltix
03/07
LastPass breach linked to both incidents? That's some shady actor-level coordination. Time to rethink our password vaults.
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Howell--Jolly
03/07
Binance froze $4.2M XRP, but the damage was done. Exchanges need to step up their game in real-time tracking.
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skilliard7
03/07
LastPass breach is a crypto nightmare, stay vigilant
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downtownjoshbrown
03/07
Law enforcement's on it, but these hacks show how vulnerable we are. Time to up our security game.
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Running4eva
03/07
Binance froze funds, but too late for $112M
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