LastPass Led To A Loss Of Bitcoin Valued At $53,000

Key Points:

• LastPass is charged with negligence, breach of contract, unjust enrichment, and breach of fiduciary duty.
• It claims that a data breach at LastPass led to the loss of Bitcoin valued at about $53,000.

Following a data breach in August 2022, it has brought a class action lawsuit against the password management service LastPass. A plaintiff known as “John Doe” filed the class action on January 3 with the U.S. District Court of Massachusetts on behalf of all parties who were in a comparable situation.

It claims that a data breach at LastPass led to the loss of Bitcoin valued at about $53,000. In accordance with the LastPass “best practices,” the plaintiff said he started amassing BTC in July 2022 and modified his master password to include more than 12 characters using a password generator.

The complainant erased his personal information from his customer vault as soon as he learned that the data breach broke. According to a statement from the firm in December, LastPass was breached in August 2022, and the attacker stole encrypted passwords and other data.

Despite the speedy deletion of the material, it appeared that the plaintiff had passed the point of no return.

Upon learning of the Data Breach, Plaintiff deleted his Private Information from his customer vault. However, on or around Thanksgiving weekend of 2022, Plaintiff’s Bitcoin was stolen using the private keys he stored with Defendant. Plaintiff discovered the theft a week later and called the police, filed a police report, and filed a report with the FBI through the Internet Crime Complaint Center (“IC3.gov”) but has not yet heard from these authorities.

According to the lawsuit, plaintiffs now face a significantly higher risk of future fraud and exploitation of their personal information, which might take years to materialize, find, and identify.

LastPass is charged with negligence, breach of contract, unjust enrichment, and breach of fiduciary duty, however, the number of damages sought was not stated.

Besides, Graham Cluley, a cybersecurity expert, claims that the unencrypted data taken from password vaults includes corporate names, user names, billing addresses, phone numbers, email addresses, IP addresses, and website URLs.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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