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The Coin Rise 2025-03-07 19:33:50

Ripple Co-founder Lose $100M XRP to Scammers

Internet sensation and Ripple Labs Inc. co-founder Chris Larsen has lost over $100 million worth of XRP to an oversight. According to crypto pseudonymous scam hunter ZachXBT, the crypto behemoth saved his private keys with LastPass’s password manager. Ripple Founder, His Crypto Holding, and the Scam For more context, LastPass is the password manager hacked about three years ago. This infringement gave the attackers access to vast amounts of data, customer keys, API tokens, and MFA seeds. Unfortunately, this incident may have predisposed Larsen to risks that led to the loss of his XRP assets. The theft has not had a notable impact on the Ripple executive’s crypto holdings. ZachXBT recently identified seven active XRP Ledger addresses linked to Larsen. In the first month of this year alone, he allegedly transferred more than $109 million worth of XRP to crypto exchanges. Market observers have reason to believe that the transferred assets are likely for sale. ZachXBT Tracks LastPass-Related Security Breaches In 2024, ZachXBT alleged that blockchain payment firm Ripple was attacked, and the hackers stole 213 million XRP, worth $112.5 million at the time. However, this turned out not to be the case. Shortly after the announcement, Larsen made a post informing the public that someone had gained “unauthorized access” to his personal XRP account and not Ripple’s. This was only one of the numerous thefts and security breaches related to LastPass. According to ZachXBT, by the end of 2024, the “LastPass threat actor” had successfully siphoned more than $5.36 million worth of crypto from over 40 wallet addresses. US Government to Refund $8.2M to Scam Victims In other news, the United States is working on refunding about $8.2 million in seized cryptocurrency to victims of an elaborate scam that began with a simple “wrong number” text. The Federal Bureau of Investigation (FBI) has identified 33 victims who fell prey to deceptive messages from scammers. The bad actors attempt to build relationships with unsuspecting victims before convincing them to invest in fraudulent crypto schemes. According to the details of US Attorneys Carol Skutnik and James Morford’s complaint, “The fraudster gained the victim’s trust using various manipulative tactics. Once trust was established, they shared fabricated success stories about cryptocurrency investments.” With the growing sophistication of scammers’ tactics, crypto users may need to utilize more security options. The post Ripple Co-founder Lose $100M XRP to Scammers appeared first on TheCoinrise.com .

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