Are your cryptocurrencies really safe? Recent reports show a staggering $4.4 million in assets stolen from LastPass users.
If you’re using this service or similar password management apps for storing your crypto wallet information, read this article immediately.
Get insights into the risks involved and why you should consider moving your assets to a more secure environment.
Contents
Immediate Action Required for LastPass Users
Prominent blockchain researcher ZachXBT (@zachxbt) reported on October 27, 2023, that about $4.4 million in cryptocurrency had been stolen from 25 wallets of users who utilized the password management service LastPass.
LastPass is a service that centralizes the generation, storage, and input of passwords. However, it has been vulnerable to hacking attacks since August 2022, leading to the theft of source code and customer data.
The recently reported loss of virtual currency happened to users who managed crucial information related to cryptocurrencies using LastPass.
It has been reported that Ethereum (ETH) and other virtual currencies have been stolen from over 80 wallets.
ZachXBT warns that if you have managed seed phrases or private keys in LastPass, there is a possibility that these critical details are already in the hands of hackers.
Therefore, he advises that "anyone who has ever stored seed phrases or private keys in LastPass should immediately move their virtual currency from that wallet."
Risks of Using Third-Party Services for Managing Crypto Wallets
When creating a self-managed cryptocurrency wallet, "seed phrases" and "private keys" are generated for restoring the wallet. These details are recommended to be stored in an "offline environment" like paper.
If managed offline, the wallet is safe unless that paper is stolen.
However, if you manage these crucial details through "third-party services" or "internet-connected tools" like password management apps, the risk of leaking these sensitive data due to security breaches increases.
Why You Should Consider an Offline Alternative
There have been multiple reports of "unexplained losses of virtual currency" lately. Retrieving stolen cryptocurrency from a compromised wallet is expected to be difficult.
Therefore, if you have ever managed vital wallet information online, it's advisable to prepare a new secure wallet and move your cryptocurrencies to it.
-
Hacking Incident on Fantom Foundation-related Wallets: Reports of Stolen ETH & FTM
Learn about the hacking incident involving wallets related to the Fantom Foundation. This comprehensive report covers the extent of the damage, the current status of the investigation, and the security status of remaining assets. Stay updated on this major security breach.
続きを見る