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Was Mark Cuban’s crypto wallet worth $900k drained?

2min Read

Mark Cuban’s dormant wallet faces a drain of funds worth $900k as the billionaire logged into his account for the first time in months.

Crypto hack

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  • Cuban suggested that the hackers might have been monitoring his activity, waiting for an opportune moment to strike.
  • The wallet had remained inactive for approximately five months before this discovery.

Billionaire entrepreneur and owner of the Dallas Mavericks basketball team, Mark Cuban, fell victim to a suspected hack that saw nearly $900,000 worth of cryptocurrency drained from one of his dormant wallets.

The incident came to light on 15 September when an independent blockchain investigator flagged unusual activity within one of Cuban’s crypto wallets. The wallet had remained inactive for approximately five months before this discovery.

Etherscan’s transaction history revealed that the wallet quickly withdrew multiple batches of assets, including USD Coin [USDC], Tether [USDT], and Lido Staked Ether [stETH], all within a 10-minute window.

Adding complexity to the situation, it also withdrew an additional $2 million worth of USDC and transferred it to a different wallet. Initially, this sparked suspicions that Cuban might have been reshuffling his assets.

Assets disappear from Mark Cuban’s dormant wallet

However, Cuban later confirmed to DL News that he had logged into MetaMask for the first time in months. He suggested that the hackers might have been monitoring his activity, waiting for an opportune moment to strike. As a precautionary measure, he moved any remaining assets to Coinbase Custody.

This clarification indicated that the $2 million USDC transaction was indeed his own action.

Some in the crypto community pointed out that Cuban’s actions might have inadvertently led to the hack. They suggested that he might have mistakenly approved a malicious transaction.

Given that the funds were directly transferred out of the wallet, it was speculated his private key could have been compromised.

This isn’t the first time Mark Cuban has faced challenges in the cryptocurrency market. In June 2021, he suffered losses in what he referred to as a “rug pull.” This occurred when an algorithmic stablecoin project named Iron Finance collapsed, resulting in unspecified losses for Cuban.

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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