Mark Cuban, A Billionaire Investor, Loses USD 870k In A Cryptocurrency Fraud
The majority of the assets weren't taken, though, because the billionaire was able to transfer about $2 million USDC from the wallet to Coinbase Custody.
Mark Cuban, owner of the Dallas Mavericks and a well-known US investor, apparently fell victim to a phishing attempt, which led to the theft of approximately $900,000 from one of his MetaMask wallets.
Concerns concerning the security of Bitcoin holdings have been raised in light of the occurrence.
Mark Cuban Loses USD870k
Popular cryptocurrency investigator WazzCrypto, who observed suspicious behaviour connected to a MetaMask wallet connected to Mark Cuban, was the one who first brought the event t to light. On-chain data shows that the wallet had about $900,000 worth of bitcoin funds taken from it. Before the abrupt migration of all its cash, this wallet, known as "Mark Cuban 2" on Etherscan, had been dormant for almost six months.
A $2 million USDC transfer that was followed by the conversion of all Ethereum (ETH) holdings to MATIC tokens after a Coinbase deposit stands out among the questionable transactions.
Cuban acknowledged losing five Ethereum (ETH) coins, which are currently valued $8,170. According to the report, he also misplaced tokens from SuperRare and Ethereum Name Service, as well as USD Coin (USDC), Polygon (MATIC), Lido staked Ethereum (stETH), and USD Coin (USDC), among others.
Cuban asserts that he downloaded a malicious version of MetaMask, which caused the attack, and that he is "pretty sure" of this.
First time in months, I visited MetaMask. They must have been keeping an eye on them, according to Cuban.
Additionally, he claimed that his MetaMask programme "crashed a few times," at which point he locked his non-fungible tokens (NFTs) on OpenSea and deleted all of his MATIC from the account.
Regarding the sizable Coinbase transfer, Cuban made it clear that he had started it as a preventative move to protect the rest of his cryptocurrency interests. Thank goodness, only one of his MetaMask accounts was impacted, protecting all of his other assets.
The relationship between Mark Cuban and the cryptocurrency market has evolved and sparked debate. At first, he was dubious about Bitcoin, famously saying that he would rather have a banana because it was more useful. Later on, he changed his mind and started supporting non-fungible tokens (NFTs) and cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH). Over time, Cuban also accumulated a sizable portfolio of cryptocurrencies.
Cuban has previously suffered losses from cryptocurrency. According to the claim, he lost an undisclosed amount of assets when Iron Finance's TITAN stablecoin crashed in an alleged rug pull in 2021.
CoinEx, a major cryptocurrency exchange, has revealed that significant quantities of digital assets used to fund the platform's operations were taken from its hot wallets, which were breached.
Preliminary analysis of the September 12 event revealed that the unauthorised transactions used the cryptocurrencies Ethereum ($ETH), Tron ($TRON), and Polygon ($MATIC).
This incident serves as a sharp reminder of the ongoing security issues investors and users of cryptocurrencies face. Phishing attempts, which target both inexperienced users and seasoned veterans, continue to be a major danger in the cryptocurrency industry. Users are advised to use caution when downloading wallet apps and to confirm the legitimacy of the programme they use.
Cuban's experience emphasizes the significance of continuously monitoring and updating the security of cryptocurrency wallets and being alert for any indications of questionable behaviour. Users should check the legitimacy of any programme they download and only utilize official sources.
Incidents like this highlight the need for increased security measures and user education to protect digital assets from bad actors as the cryptocurrency industry continues to expand and gain mainstream attention.
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