Billionaire Mark Cuban Lost $870,000 in Cryptocurrency Wallet Hack

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The owner of the Dallas Mavericks basketball team, Mark Cuban, suffered from a hacker attack ― they gained access to his hot wallet and withdrew $870,000 worth of crypto assets.

The hack was reported by a blockchain analyst under the pseudonym Wazz. He discovered that all crypto assets were withdrawn from Mark Cuban's wallet, while the billionaire's address had previously been inactive for about 5 months.

Lmao, did Mark Cuban's wallet just get drained?

Wallet inactive for 160 days and all assets just moved pic.twitter.com/vWnMZFyHB5
— Wazz (@WazzCrypto) September 15, 2023

The attackers managed to withdraw 175,000 USDC tokens, 4,860 USDT, 7,020 RARI, 12,360 MATIC and 338.21 stETH. The billionaire also lost 5.29 ETH, 8,247 WETH, 697,480 RARE, 16,670 BIT, 5.92 GOHM and 10,000 AUDIO.

As Mark Cuban himself later admitted, it seems that the attackers infected his computer with a virus and patiently waited for him to log in to the MetaMask wallet. When this happened, they started withdrawing funds. The billionaire noticed this and moved 3,049 million USDC stablecoins to the Coinbase Custody wallet to save them. However, its total losses were $870,000.

He transfered $2M $USDC he had on Matic too, but to a different wallet than the $ETH one

Seeing as he made a test tx first this time, Im gonna assume it's actually him moving funds here. pic.twitter.com/A7KS4WzGkv
— Wazz (@WazzCrypto) September 16, 2023

Recall that in 2021, Mark Cuban lost an unknown amount of money in the fraudulent project DeFi Iron Finance. Then he said that this industry should be regulated.

 

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The entrepreneur fell for the bait of the attacker and said goodbye to the money.

Famous American TV host, investor, billionaire and owner of the Dallas Mavericks basketball team Mark Cuban was the victim of a hacker attack. The hack was first reported on September 15 by an independent blockchain researcher named Wazz. He noticed unusual activity on the Kyuban wallet on the OpenSea platform, which was inactive for 5 months. Soon all funds were withdrawn.

The transaction history on Etherscan showed that various assets were withdrawn from the wallet, including Tether, StETH and USD Coin, and this all happened in just 10 minutes.

Wazz postabout hacking

Initially, Wazz suggested that Cuban simply redistributes its assets between different wallets. However, a few hours later, the 65-year-old billionaire confirmed the news.

Stolen assets

In total, the hacker stole about $900,000 worth of cryptocurrencies from Kyuban's hot wallet. Cuban said he had no idea how the hacker managed to gain access to his wallet. The billionaire said that for the first time in several months, he went to MetaMask, and perhaps the hacker was waiting for this moment. Cuban suggested that he might have downloaded a fake version of MetaMask and fallen victim to a phishing attack.

After realizing that the funds were stolen, Cuban transferred the remaining assets ($2 million in USDC) to Coinbase Custody. However, cryptocurrency experts believe that Cuban probably made a mistake that led to the hacking of the account, for example, signed a malicious transaction or somehow the private key of Cuban was compromised.