Mark Cuban Loses Nearly $870,000 in Crypto Scam
Mark Cuban, the American businessman and investor, fell victim to a crypto scam on September 15, losing approximately $870,000. The suspicious transactions were discovered in Cuban’s inactive MetaMask cryptocurrency wallet labeled ‘Mark Cuban 2’. The wallet had been dormant for over five months.
Wazz, an on-chain investigator, was the first to notice the unusual activity and posted about it on X (formerly Twitter). The news was initially reported by DLNews.
Cuban confirmed that he lost five Ethereum (ETH) tokens valued at around $8,170. Additionally, he lost USD Coin (USDC), Polygon (MATIC), Lido staked Ethereum (stETH), SuperRare tokens, and Ethereum Name Service tokens.
Fortunately, Cuban managed to transfer approximately $2 million USDC from the compromised wallet to Coinbase Custody, preventing the majority of his assets from being stolen.
Cuban Suspects a Malicious MetaMask Version
Cuban suspects that he unknowingly downloaded a malicious version of MetaMask, leading to the security breach. He mentioned that he hadn’t used MetaMask for months and believes that someone must have been monitoring his activity.
The billionaire also experienced issues with his MetaMask application, which crashed multiple times. As a precautionary measure, he secured his non-fungible tokens (NFTs) on OpenSea and removed all MATIC from the compromised account.
This isn’t the first time Cuban has suffered losses in the crypto space. Earlier this year, he faced losses when Iron Finance’s TITAN stablecoin collapsed due to a rumored rug pull.
CoinEx Hot Wallets Hacked
In a separate incident, global cryptocurrency exchange CoinEx reported that its hot wallets were hacked. Large amounts of digital assets, including Ethereum (ETH), Tron (TRON), and Polygon (MATIC) cryptocurrencies, were stolen. The unauthorized transactions took place on September 12.
CoinEx is currently conducting a thorough investigation into the security breach to determine the extent of the damage and mitigate any further risks.
Hot Take: The Importance of Security Measures in Crypto
This recent incident involving Mark Cuban highlights the importance of robust security measures when engaging in cryptocurrency activities. It serves as a reminder to all crypto enthusiasts to exercise caution and remain vigilant to protect their assets.
Downloading applications from trusted sources, regularly updating software, and implementing multi-factor authentication are some essential steps to enhance security in the crypto space. Additionally, staying informed about potential scams and suspicious activities can help prevent falling victim to fraudulent schemes.
While the crypto industry offers numerous opportunities for growth and innovation, it is crucial to prioritize security to safeguard investments and maintain trust in the ecosystem.
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