Speculative decoding in large language models (LLMs) accelerates token generation by speculatively predicting multiple tokens cheaply and verifying them in parallel, and has been widely deployed. In this paper, we provide the first study demonstrating the privacy risks of speculative decoding. We observe that input-dependent patterns of correct and incorrect predictions can be leaked out to an adversary monitoring token generation times and packet sizes, leading to privacy breaches. By observing the pattern of correctly and incorrectly speculated tokens, we show that a malicious adversary can fingerprint queries and learn private user inputs with more than $90\%$ accuracy across three different speculative decoding techniques - REST (almost $100\%$ accuracy), LADE (up to $92\%$ accuracy), and BiLD (up to $95\%$ accuracy). We show that an adversary can also leak out confidential intellectual property used to design these techniques, such as data from data-stores used for prediction (in REST) at a rate of more than $25$ tokens per second, or even hyper-parameters used for prediction (in LADE). We also discuss mitigation strategies, such as aggregating tokens across multiple iterations and padding packets with additional bytes, to avoid such privacy or confidentiality breaches.
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