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Ripple Co-Founder Loses $150 Million in XRP to Cyberattack
A staggering cyberattack has resulted in a massive loss of approximately $150 million worth of XRP for Chris Larsen, the co-founder of Ripple. The theft occurred in January 2024 and is linked to the infamous 2022 breach at LastPass, a password manager used by millions worldwide.
According to reports, hackers exploited stolen credentials from encrypted vaults to gain access to Larsen’s private keys. This allowed them to drain approximately 283 million XRP units, valued at $150 million at the time of the theft. Unfortunately, the value of the stolen cryptocurrency has increased significantly since then, making the total loss a staggering $683 million.
The incident serves as a stark reminder of the importance of cybersecurity and robust security measures in the digital age. It also highlights the potential risks that even prominent figures in the industry can fall prey to when using unsecured password management tools.
An investigation revealed that the hackers responsible for this massive theft are believed to be connected to the Lazarus Group, a North Korean state-backed hacking syndicate. This group has been linked to several high-profile cyberattacks and cryptocurrency heists in recent years.
The incident has sent shockwaves through the cryptocurrency community, with XRP’s value plummeting by 8.62% in just one day. The trading volume has also decreased by 10.33%, resulting in a current market capitalization of $7.37 billion.
In light of these events, it is crucial for investors to prioritize security and take necessary precautions to protect their digital assets. This includes avoiding the use of unsecured password management tools like LastPass, which may not provide adequate protection against sophisticated cyber attacks.
As always, we at Crypto News Flash urge our readers to conduct thorough research before making any investment decisions. It is essential to stay informed about market trends and potential risks in order to protect your digital assets.
