Ripple co-founder Chris Larsen lost $665 million in XRP in a crypto wallet hack

That's according to blockchain sleuth ZachXBT, who cited a forfeiture complaint filed by US law enforcement on March 6.

Crypto investors are always looking for the best way to protect their assets from hackers. However, even experienced investors can fall victim to such attacks, as evidenced by the recent case of Ripple co-founder Chris Larsen.

Earlier this year, hackers stole 283 million XRP tokens from Larsen’s personal accounts, amounting to approximately $150 million at the time of the theft. The stolen XRP has since ballooned in value to over $665 million.

According to a report by Bloomberg, the hackers were able to gain access to Larsen’s crypto wallets by stealing data from the password manager LastPass.

The LastPass breach, which occurred in 2022, exposed the personal data of millions of users, including email addresses, passwords, and bank account details.

The leaked data enabled the hackers to quickly try different password combinations until they were able to crack Larsen’s master password, which in turn unlocked his crypto wallets.

The report further reveals that federal investigators, including the FBI and Secret Service, are still searching for the remaining stolen XRP. So far, they have managed to recover about $23 million.

While Larsen confirmed that the hackers targeted his personal accounts and not Ripple’s corporate wallets, he did not comment on whether he used LastPass to store his private keys.

Earlier reports by blockchain sleuth ZachXBT had linked the LastPass breach to multiple high-profile crypto thefts over the years.

The persistent risk in digital asset security underscores the importance of robust security measures in the cryptocurrency domain.

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