Ripple's XRP Drops 10% After Larsen's $661.6M Hack
1min read Ripple co-founder and executive chairman Chris Larsen suffered a significant financial loss in 2024 when hackers compromised his digital wallet, resulting in the theft of 283 million XRP, valued at approximately $661.6 million at the time of the incident. The breach was attributed to a hack of the password management service LastPass, which Larsen had used to store his private keys. This revelation came to light through a forfeiture complaint filed by federal prosecutors, as shared by on-chain investigator ZachXBT on his Telegram channel.
Larsen had initially acknowledged the hack in February 2024, clarifying that his personal wallets were targeted and not Ripple's company addresses. Despite the substantial loss, Larsen still holds a considerable amount of XRP, estimated to be around $7.18 billion. This figure includes transactions where he sent over $100 million worth of XRP to crypto exchanges in January 2025, during a period when the token's value was rising.
The incident highlights the vulnerabilities in digital asset security and the risks associated with relying on third-party services for managing cryptocurrencies. LastPass, a widely used password management tool, has been a target for hackers in the past, and this latest breach underscores the need for enhanced security measures. The hackers gained access to Larsen's XRP holdings, which were stored in a digital wallet managed through LastPass, emphasizing the importance of securing digital assets and the potential consequences of relying on third-party services for asset management.
The loss of such a substantial amount of XRP has significant implications for the cryptocurrency market. XRP, which is used for cross-border payments and remittances, has seen fluctuations in its value due to various factors, including regulatory uncertainties and market sentiment. The hack on Larsen's XRP holdings could further impact the market, as investors may become more cautious about the security of their digital assets.
In response to the hack, there have been calls for increased security measures and better protection for digital assets. The incident has also sparked discussions about the need for more robust regulations and standards for cryptocurrency exchanges and wallet providers. As the use of cryptocurrencies continues to grow, it is essential to address these security concerns to ensure the safety and stability of the market.
The hack on Larsen's XRP holdings is a stark reminder of the risks associated with digital asset 
