Millions in Crypto Stolen from LastPass Users
According to reports, approximately 25 individuals have lost a total of $4.4 million in cryptocurrency from 80 wallets due to a data breach in 2022 that affected password storage software LastPass. Pseudonymous on-chain researcher ZachXBT and MetaMask developer Taylor Monahan tracked the movement of funds from compromised wallets on October 25th. Many of the victims were long-time LastPass users who stored their crypto wallet keys in the software. In a tweet, ZachXBT urged anyone who had ever stored their wallet seed or private key in LastPass to transfer their crypto assets immediately.
LastPass Breach and Cryptocurrency Theft
LastPass disclosed an attack in December 2022 where stolen information from a previous breach was used to target an employee and obtain their credentials, as well as decrypt customer information. The attacker also obtained a backup of encrypted customer vault data, which could be decrypted if the account’s master password is guessed through brute force. Cybersecurity journalist Brian Krebs reported in September that some LastPass customer vaults had been cracked, resulting in the theft of over $35 million worth of crypto from around 150 victims. LastPass faced a class-action lawsuit in January for the theft of approximately $53,000 worth of Bitcoin.
Migrate Your Crypto Assets Immediately
ZachXBT emphasized the importance of migrating crypto assets from LastPass for anyone who had ever stored their wallet seed or private key in the software. This recent breach has highlighted the vulnerability of using password storage software for cryptocurrency storage. To ensure the security of your digital assets, it is recommended to use hardware wallets or other secure offline storage methods instead.
Hot Take: Protect Your Crypto with Secure Storage Methods
The recent breach of LastPass and the subsequent theft of millions of dollars worth of cryptocurrency serve as a reminder of the importance of secure storage methods. Storing your wallet seed or private key in password storage software can leave your assets vulnerable to attacks. To safeguard your crypto, it is crucial to utilize hardware wallets or other offline storage options that provide enhanced security and protection against breaches. Take proactive measures to protect your digital assets and avoid becoming a victim of cybercrime.
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