Theft of Crypto Wallets Linked to LastPass Hack
Over the past 10 months, numerous secure crypto wallets, including those owned by prominent members of the crypto community, have been drained of millions of dollars’ worth of cryptocurrency. The cause of these thefts has remained a mystery until now. It appears that LastPass, the password management company, was hacked, leading to the compromise of wallet passwords and seed phrases. On-chain researchers have concluded that the hacker is using these stolen credentials to access victims’ funds. Since the initial hack, at least $39 million in crypto has been stolen, with the hacker making off with another $4.4 million just last week.
LastPass Hack Identified as Common Thread
Taylor Monahan and other blockchain analysts have identified LastPass as the common thread connecting victims of these hacks. Monahan has urged crypto users to immediately migrate their assets if they ever used LastPass to store their wallet seed phrases or keys. The attacks continue without any signs of stopping, and Monahan has shared stories of friends who were targeted by the hacker after considering changing wallets but not acting quickly enough.
Controversy Surrounding LastPass
LastPass initially downplayed the severity of the hack that occurred last year, claiming that user passwords were not exposed. However, they later admitted that the hacker gained access to private user information stored in their corporate vault. Analysts have criticized LastPass for not being transparent about the extent of damage caused by the hack and for not providing adequate guidance to its users.
Calls for LastPass to Take Further Action
Analysts argue that LastPass should be more forthcoming about the details of the security breach and its impact on users. Taylor Monahan stated that LastPass should be doing more to address the situation and called them a “disgusting failure of a company.” Decrypt reached out to both LastPass and Monahan for comment, but did not receive an immediate response. The crypto heists linked to the LastPass hack continue unabated.
Hot Take: Crypto Wallets Drained Due to LastPass Hack
A series of mysterious crypto wallet thefts over the past 10 months have finally been connected to a hack of password management company LastPass. The hacker gained access to victims’ funds by using wallet passwords and seed phrases that were exposed during the LastPass hack. At least $39 million worth of cryptocurrency has been stolen so far, with no signs of the attacks stopping. Blockchain analysts have urged crypto users to migrate their assets if they ever used LastPass to store their wallet information. However, controversy surrounds LastPass’s handling of the situation, with critics arguing that the company has not been transparent about the extent of the breach and its impact on users.
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