Ripple Co-Founder’s Wallet Compromised in $661 Million XRP Hack in 2024

Chris Larsen, the co-founder of Ripple, suffered a significant financial blow in 2024 when he lost over $661 million worth of XRP due to a security breach in the password management system LastPass.

This hack, which had been previously undisclosed, was revealed in a forfeiture complaint filed by U.S. law enforcement in January 2024. The complaint outlined how Larsen’s personal wallet was compromised after the hack of LastPass, which occurred in 2022.

On-chain investigator ZachXBT shared this information through a Telegram post, highlighting the connection between the hack and the security breach involving Larsen’s private keys stored on LastPass.

Larsen confirmed the attack in February 2024, clarifying that it affected only his personal wallets and not Ripple’s company assets. Despite the hefty loss, Larsen retains a significant portion of his wealth, with over $7 billion still held in XRP.

Additionally, Larsen was actively transferring large sums of XRP to crypto exchanges, including over $100 million worth in January 2024, during a market rally.

ZachXBT also noted that Larsen’s XRP addresses, which have remained dormant for years, still control billions of XRP, some of which were recently moved to exchanges. This has led to speculation that Larsen might have lost access to some of these older funds or possibly transferred them to other parties.