Ripple co-founder Chris Larsen’s $150 million crypto theft in January 2024 is linked to a last-pass security breaches from 2022, according to on-chain security expert ZACHXBT, citing a recent US law enforcement forfeiture lawsuit.
The attack resulted in the theft of an XRP token of $112 million at the time, after an attacker compromised a private key stored in the Last Password Management System.
Zachxbt, who first reported the attack, noted that the stolen funds were quickly moved to various crypto exchanges, including Binance, Kraken, Okx and others.
Larsen confirmed the violation and made it clear that it was an isolated incident involving his personal account, not Ripple’s corporate wallet. He had not previously revealed the cause of the security breaches.
Following the hack, law enforcement was immediately involved, with several exchanges freezing some of the stolen funds and halting XRP worth $4.2 million on Binance alone. Despite these efforts, a large amount of stolen XRP had already been washed or converted from XRP by attackers.
LastPass Breach Lingers: Millions of codes were stolen last December
Last December, cybersecurity experts sounded an alarm after a recent wave of crypto theft that was directly linked to the 2022 Last Pass security breaches.
Zachxbt reported just before Christmas that “LastPass Threat Actor” had stole around $5.4 million in crypto assets from the addresses of more than 40 victims, converting the assets to Ethereum and Bitcoin. The event brings a total loss of $250 million.
According to ZACHXBT, the attackers used stolen data in the 2022 incident. In this case, hackers accessed LastPass’ system and accessed encrypted user data.
Despite encryption, persistent efforts to decrypt information continue to have the consequences of the perpetrator.
Ripple Holding and Inactive Addresses Linked to Larsen
Following last week’s announcement of President Donald Trump’s strategic cryptocurrency sanctuary, debate over major US-based cryptocurrency assets, including Ripple’s XRP, has intensified.
In a previous statement, ZachxBT revealed that XRP still holds 2.7 billion XRP, with addresses linked to Chris Larsen, exceeding $7 billion. He noted that these addresses transferred more than $109 million in XRP to the exchange in January 2025.
“Since multiple of these addresses have been suspended for six to seven years, it could potentially cause him to lose access or send funds to others in February 2013,” Zachxbt said. “He was hacked for $112 million early last year.”
Discover more from Earlybirds Invest
Subscribe to get the latest posts sent to your email.
