HomeNewsMark Cuban's Hot Wallet Hack Results in $870K Loss

Mark Cuban’s Hot Wallet Hack Results in $870K Loss

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* Mark Cuban confirmed that he was hacked but doesn’t know precisely how.

* Nearly $900,000 worth of crypto was reportedly drained from one of Mark Cuban’s hot wallets.

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Mark Cuban, the billionaire investor and owner of the Dallas Mavericks, has confirmed that he was hacked, although he is unsure of the exact method used. Approximately $900,000 worth of cryptocurrency was reportedly stolen from one of Cuban’s hot wallets. The hack was first noticed by blockchain sleuth Wazz, who observed suspicious activity in a wallet that Cuban had not accessed for several months.

The transaction history on Etherscan revealed that assets such as USD Coin (USDC), Tether (USDT), and Lido Staked Ether (stETH) were withdrawn from the wallet within a 10-minute window. Additionally, another $2 million worth of USDC was transferred to a different wallet, leading to speculation that Cuban may have been moving his assets.

However, Cuban later confirmed that he had accessed MetaMask for the first time in months and suggested that the hacker or hackers may have been monitoring his activity. He also stated that he had transferred any remaining assets to Coinbase Custody, confirming that the $2 million USDC transaction was legitimate.

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Members of the community have raised questions about Cuban’s involvement in the security breach. Some believe that he may have mistakenly signed a malicious transaction, while others suspect that his private key was compromised.

This is not the first time that Cuban has experienced losses in the crypto market. In June 2021, he lost an undisclosed amount of capital in a “rug pull” incident involving the collapse of the Iron Finance stablecoin project.

In summary, Mark Cuban has confirmed being hacked, with nearly $900,000 worth of cryptocurrency stolen from one of his hot wallets. The exact method of the hack remains unknown, but Cuban’s recent activity on MetaMask suggests that the hacker may have been monitoring his actions. The community has raised concerns about Cuban’s involvement in the security breach, speculating that he may have made a mistake or had his private key compromised.

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Kenny Williams is a crypto fanatic and writer with a deep passion for blockchain technology. He holds a degree in computer science from University of Texas at Austin and has been actively involved in the crypto world for over 5 years. Kenny spends most of his time researching and analyzing the latest trends and developments in the world of cryptocurrency. His expertise and insights have made him a respected voice in the industry, and his writing has been published in leading crypto publications. When he's not writing or researching, Kenny enjoys tinkering with technology and building his own blockchain projects. He's also an avid traveler and loves to explore new cultures and cuisines around the world.
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