High-net-worth individuals urged to bolster security measures in wake of alarming trend
In a shocking revelation, it has been reported that six-figure cryptocurrency heists have been occurring on a monthly basis since late last year. Experts now point to the December 2022 breach of LastPass, a popular password manager, as the root cause behind this alarming trend.
LastPass CEO, Karim Toubba, has acknowledged the breach and taken steps to fortify the platform against future attacks. However, for some high-net-worth individuals who placed their trust in the service, these actions may come too late.
MetaMask’s lead product manager, Taylor Monahan, uncovered a disturbing link between the victims of the LastPass breach and the subsequent crypto heists. Through meticulous research, Monahan and fellow investigators have traced a connection back to December 2022, identifying over 150 victims whose combined losses exceed $35 million.
Surprisingly, these victims had maintained robust account security for their cryptocurrency holdings. Yet, even with such precautions, cybercriminals managed to obtain the seed phrases required to access their accounts, all of which were stored within the compromised LastPass platform.
Cybersecurity blogger Brian Krebs, in his comprehensive research, disclosed that between two and five “high-dollar heists” have been reported each month since the LastPass breach. When approached for comments on these findings, LastPass declined, citing ongoing law enforcement investigations and pending litigation related to the 2022 data breach.
In light of these distressing developments, individuals are urged to take proactive steps to secure their accounts. Experts recommend implementing additional protective measures like two-factor authentication and refraining from storing all account information in a single location.
As the investigation unfolds, the cryptocurrency community remains on high alert, with hopes that heightened security measures will prevent further breaches and protect the assets of high-net-worth individuals.