LastPass Users Urged To Move Crypto Assets As 25 Fall Victim To Hack
Users of the LastPass password manager application have now lost $4.4 million worth of crypto assets in a single day. This development comes a year after LastPass shared that hackers had gained access to its cloud storage keys and dual storage container decryption keys.
According to on-chain investigator ZachXBT, approximately $4.4 million in digital assets were stolen from 85 distinct wallets belonging to 25 LastPass users. This latest asset loss was revealed in a post on October 27. In a cautionary note, ZachXBT urged all LastPass users to transfer their crypto assets to new wallet addresses to avoid future losses.
“For context, LastPass offers a password management service, helping users store the seed phrase in their crypto wallet. A seed phrase represents a set of words unique to each wallet, which grants access to the assets stored in the said wallet,” explained ZachXBT.
The security breach that led to this incident occurred on August 8, 2022, when a hacker gained access to the corporate laptop of a LastPass software engineer. The hacker was able to infiltrate the company’s system, stealing source code, confidential technical documentation, and internal system secrets. Using this data, the hacker extracted 14 of LastPass’s 200 source code repositories.
In a series of tweets in August 2023, @tayvano_ claimed that over 1200 BTC, valued at $32 million, had been stolen from wallets linked to LastPass users in the last year following the security breach. These reports, along with the recent theft incident, have increased calls for users to abandon wallet addresses linked to password management services.
Crypto hacks continue to be a major cause of asset loss in 2023, according to a report by blockchain security firm Peckshield. In the first half of 2023 alone, over 395 hacks occurred in the crypto space, resulting in losses valued at about $479.9 million. While this represents a significant decline from the $2.43 billion recorded in the first half of 2022, it is still a cause for concern among investors.
As of now, the total crypto market is valued at $1.26 trillion, with a 0.22% gain in the last day, based on data from CoinMarketCap.
It is crucial for LastPass users to take immediate action to protect their crypto assets and ensure their security in light of these recent incidents.
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About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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