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Newly released documents by U.S. officials reveal that $150 million worth of XRP stolen from Ripple 
$2 co-founder Chris Larsen’s personal crypto wallet is linked to the 2022 LastPass security breach. Blockchain researcher ZachXBT highlights that Larsen’s private keys were stored within the compromised LastPass system. The weak protection of passwords during the 2022 attack allowed hackers to gain access to Larsen’s XRP assets.
How Did the LastPass Hack Occur?
The 2022 hack targeting LastPass began with the takeover of a developer account and penetrated the company’s cloud storage system. Hackers stole encrypted data of 25 million users, including customer information. Although passwords were encrypted, the use of simple or repetitive master passwords enabled hackers to crack the data using brute force methods.
Security Concerns in the Cryptocurrency Market
The impact of the LastPass hack continues to resonate within the cryptocurrency market. The Security Alliance (SEAL) estimates that losses related to this hack may exceed $250 million by May 2024. Storing private keys on centralized platforms may open the door for similar attacks.
As ZachXBT pointed out, Larsen’s loss underscores the critical importance of security measures. Experts recommend that cryptocurrency users employ two-factor authentication (2FA) and keep wallet keys on physical devices for enhanced security. LastPass acknowledges that it has strengthened its infrastructure since 2022, yet the effects of the hack are still being felt.
