In a shocking revelation today, ZachXBT unveiled that Ripple Co-founder Chris Larsen fell victim to a staggering $150 million XRP theft back in January. The heist has been traced back to the notorious LastPass breach of 2022.
The disclosure surfaced from an official US law enforcement report that was made public today. Despite the incident occurring in January, it had been kept under wraps until now.
Known for unearthing the hidden truths within the crypto realm, ZachXBT has made a name for himself by taking on tough investigations, such as targeting cybercriminal groups like the Lazarus Group and aiding in fund recovery for victims. His recent focus fell on Ripple, shedding light on the concerning hack.
"In a recent forfeiture complaint filed by US law enforcement, it was revealed that the approximately $150 million breach affecting Ripple co-founder Chris Larsen's wallet in January 2024 was a result of storing private keys on LastPass -- the password manager that suffered a breach in 2022. Larsen had not previously disclosed this vulnerability," ZachXBT disclosed via Telegram.
The cyber attack specifically targeted Larsen's personal XRP wallet, with indications that he had entrusted his private wallet keys to the compromised LastPass software.
Following the 2022 LastPass breach, which exposed wallet details of Larsen and numerous other users, it was estimated that $35 million in digital assets were stolen from 150 individuals. However, the current findings suggest a substantially larger sum was affected.
The market response to ZachXBT's expose didn't bode well for Ripple's XRP token as its value exhibited volatility, experiencing a 20% drop post-Trump's Crypto Reserve announcement. Despite an initial anticipation for a price recovery, XRP plummeted over 7% after ZachXBT's revelations, influenced in part by broader economic circumstances.
While Ripple CEO Chris Larsen has yet to formally address the investigation findings, ZachXBT has refrained from further comments as Larsen's social media activity remains dormant since October 2024, predominantly focused on electoral updates.
Meanwhile, LastPass continues to promote its services on social platforms, prompting a scathing response from ZachXBT.
"Has your team conveniently forgotten the 2022 LastPass breach, which led to nine-figure crypto thefts? Your evasion of the true extent of the breach has caused distress to confirmed victims. Now, even law enforcement points fingers in your direction. Anyone serious about security should steer clear of LastPass as their password manager," ZachXBT directed towards LastPass.
The article sensitively details the significant XRP breach involving Chris Larsen while offering insights into the market impact and individual responses to the unfolding events. It highlights the importance of cybersecurity and vigilance in safeguarding digital assets.