Mark Cuban’s Hot Wallet Breached: Cyberattack Results in $870,000 Worth of Crypto Being Stolen

Mark Cuban's Hot Wallet Breached: Cyberattack Results in $870,000 Worth of Crypto Being Stolen

Mark Cuban’s Cryptocurrency Wallet Hacked: Nearly $900,000 Stolen

Mark Cuban, billionaire investor and owner of the Dallas Mavericks, has dropped victim to a cryptocurrency wallet hack. The attacker managed to steal almost $900,000 worth of digital currency from his hot wallet. Cuban confirmed the hack but admitted that he is unsure how the hacker gained access to his wallet.

The Hack Uncovered by Blockchain Investigator

An independent blockchain investigator named Wazz first noticed the suspicious activity on September 15th at around 8 pm UTC. They realized  that one of Cuban’s inactive hot wallets suddenly had all its assets moved. The hacker swiftly withdrew numerous assets, including USD Coin (USDC), Tether (USDT) (USDT), and Lido Staked Ether (stETH). In addition, $2 Million worth of USDC was transferred from another wallet associated with Cuban.

Cuban Confirms the Hack

A few hours later, Mark Cuban confirmed the hack. He revealed that he hadn’t accessed MetaMask, a digital wallet, in months and suspected that the hacker took advantage of this opportunity. It’s possible that he unknowingly downloaded a fake version of MetaMask containing malicious software. As a result to the breach, Cuban transferred his remaining assets to Coinbase Custody.

Swarm and Wrapped Strengthen DeFi Capabilities through Cross-Chain Collaboration

Speculation Surrounding the Hack

The cryptocurrency community has been speculating about how the hack took place since Cuban provided limited details. Several believe that Cuban may have made a mistake that led to the security breach, possibly by signing off on a malicious transaction. Others suggest that his private keys were compromised since the funds were directly transferred out of his wallet.

Cuban’s Previous Losses in Crypto

This is not the first time Mark Cuban has experienced losses in the cryptocurrency market. In June 2021, he lost an undisclosed amount of financial resources due to a rug pull involving the collapse of the Iron Finance stablecoin project. Regardless of his initial skepticism, Cuban’s stance on digital currencies has become, and he now speaks favorably about Bitcoin, Ethereum (ETH), and non-fungible tokens (NFTs).

Minecraft Creator Notch Supports Crackdown on Bitcoin Reward Servers

Hot Take: Mark Cuban Falls Victim to Cryptocurrency Wallet Hack

Mark Cuban, renowned investor and owner of the Dallas Mavericks, has had one of his cryptocurrency wallets hacked, resulting in a loss of nearly $900,000 worth of digital currency. The hacker took advantage of Cuban’s inactive hot wallet and swiftly withdrew numerous assets. Cuban suspects that he may have unknowingly downloaded a fake version of MetaMask, leading to the security breach. Although while the cryptocurrency community speculates on how the hack took place, this incident outlines the importance of maintaining strong security measures and being cautious when interacting with digital wallets. As Cuban transfers his remaining assets to Coinbase Custody, he joins the growing list of individuals who have fallen victim to cybercriminals in the cryptocurrency space.

Top Crypto Projects to Keep an Eye on in Q4 2023
Author – Contributor at | Website

Cyrus Dailey stands as a luminary gracefully weaving the roles of crypto analyst, tenacious researcher, and editorial artisan into a captivating narrative of insight. Amidst the intricate world of digital currencies, Cyrus’s perspectives resonate like finely tuned melodies, captivating curious minds from a myriad of perspectives. Her ability to decipher complex threads of crypto intricacies melds seamlessly with her editorial finesse, transforming intricacy into a harmonious composition of understanding.

Predicting the Decline of Altcoins and Anticipating a 2024 Rebound, Benjamin Cowen Analyzes
Read Disclaimer
This page is simply meant to provide information. It does not constitute a direct offer to purchase or sell, a solicitation of an offer to buy or sell, or a suggestion or endorsement of any goods, services, or businesses. does not offer accounting, tax, or legal advice. When using or relying on any of the products, services, or content described in this article, neither the firm nor the author is liable, directly or indirectly, for any harm or loss that may result. Read more at Important Disclaimers and at Risk Disclaimers.

Follow us

Latest Crypto News

Share via
Share via
Send this to a friend