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


16 Sep 2023 10:30 AM

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....

  • Mark Cuban, billionaire entrepreneur and owner of the Dallas Mavericks basketball team, experienced a suspected hack that drained nearly $900,000 worth of cryptocurrency from one of his dormant wallets.
  • The incident was flagged by an independent blockchain investigator who noticed unusual activity in the wallet, which had been inactive for about five months.
  • The wallet quickly withdrew various assets, including USD Coin, Tether, and Lido Staked Ether, within a 10-minute window. An additional $2 million worth of USDC was transferred to a different wallet.
  • Initially, suspicions arose that Cuban might have been reshuffling his assets, but he later confirmed that he had logged into MetaMask for the first time in months, suggesting that hackers had been monitoring his activity.
  • As a precaution, Cuban moved his remaining assets to Coinbase Custody, and it was clarified that the $2 million USDC transaction was his own action.
  • Some in the crypto community speculated that Cuban's actions might have inadvertently led to the hack, possibly due to mistakenly approving a malicious transaction.
  • It is also suggested that Cuban's private key could have been compromised, as the funds were directly transferred out of the wallet.
  • This is not the first time Cuban has faced challenges in the cryptocurrency market, as he previously suffered losses in a "rug pull" incident involving the collapse of an algorithmic stablecoin project named Iron Finance.

The sentiment of the article is negative, as it discusses Mark Cuban falling victim to a suspected hack and losing a significant amount of cryptocurrency.

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You May Ask

What happened to Mark Cuban's cryptocurrency wallet?How long was the wallet inactive before the hack was discovered?Which assets were withdrawn from the wallet during the hack?What precautionary measure did Mark Cuban take after the hack?What previous challenges has Mark Cuban faced in the cryptocurrency market?

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