How the Ripple Founder Stole 150 Million XRP Revealed: Documents Revealed! - Coin Newsletter

Approximately $150 million stolen from the wallet of Ripple (XRP) co-founder Chris Larsen was revealed to have been stolen by the compromise of private keys stored in LastPass.

The theft of approximately $150 million worth of crypto assets, which were stolen from the wallet of Ripple co-founder Chris Larsen, and the private keys stored in password manager LastPass, came to the fore with the latest post of ZachXBT, known as an internet detective**.

According to allegations based on US court documents, the main reason for the hack on Larsen's XRP wallet in January was LastPass's massive security breach.

At the time of the incident, Larsen admitted to having had **"unauthorized access" to his personal XRP accounts, but did not provide details. For the first time, ZachXBT's allegations and court documents have made clear the motive behind the attack.

LastPass's vulnerability is back in the spotlight

According to documents submitted to the court, it was stated that on January 30, 2024, over 283 million XRP** was stolen from the account of a San Francisco-based user. The current value of the stolen XRP is around $708 million. The user in question reportedly stored their private keys in the "safenote section of a commercially used online password manager."

While the court documents don't directly use the name LastPass, they do refer to the password manager that suffered two major data breaches in December 2022. As a result of these breaches, users' API keys and multi-factor authentication (MFA) information were stolen as well as passwords. According to ZachXBT's analysis, attacks originating from LastPass have victimized many investors before. In the last few months alone, there have been a total of more than $15 million worth of crypto thefts associated with the LastPass leak.

No official statement has yet been made by Ripple regarding the incident. This latest development is likely to reignite the debate about secure methods of storing crypto assets.