Ripple co-founder and govt chairman Chris Larsen misplaced over $661 million value of XRP final yr, reportedly resulting from a hack of password supervisor LastPass.
In his Telegram channel, on-chain investigator ZachXBT shares a screenshot of a forfeiture grievance filed by federal prosecutors that particulars how Larsen’s pockets was compromised by a LastPass hack that occurred in 2022.
Says ZachXBT,
“A forfeiture grievance filed yesterday by US legislation enforcement revealed the trigger for the 283 million XRP hack of Ripple co-founder, Chris Larsen’s pockets in January 2024 was the results of storing personal keys in LastPass (password supervisor which was hacked in 2022).
Up thus far, Chris Larsen had not publicly disclosed the reason for the theft.”
Larsen initially acknowledged the hack in February of 2024, specifying that it focused his private wallets and never Ripple’s firm addresses.
The stolen XRP can be value $661.6 million at at the moment’s costs.
Regardless of the huge hack, Larsen nonetheless holds roughly $7.18 billion value of XRP after sending over $100 million value of the altcoin to crypto exchanges in January alone whereas the token was rallying, in line with ZachXBT.
“With the announcement of the US Crypto Reserve right here’s your reminder that XRP addresses activated by Chris Larsen (co-founder of Ripple) nonetheless maintain 2.7 billion+ XRP and these addresses tied to him transferred $109 million+ value of XRP to exchanges in January 2025…
(Disclaimer: a number of of those addresses have been dormant for six to seven years so it’s doable he misplaced entry or despatched funds to different folks in Feb 2013)…”
Do not Miss a Beat – Subscribe to get e-mail alerts delivered on to your inbox
Examine Value Motion
Observe us on X, Fb and Telegram
Surf The Day by day Hodl Combine
 
Disclaimer: Opinions expressed at The Day by day Hodl aren’t funding recommendation. Traders ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your individual threat, and any losses it’s possible you’ll incur are your duty. The Day by day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Day by day Hodl an funding advisor. Please word that The Day by day Hodl participates in internet online affiliate marketing.
Generated Picture: Midjourney
