Mark Cuban loses $870K in hot wallet hack

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Almost $900,000 value of crypto was reportedly drained from one of many sizzling wallets belonging to billionaire investor and Dallas Mavericks proprietor Mark Cuban.

Impartial blockchain sleuth @WazzCrypto was the primary to identify the hack on Sept. 15 at round 8 PM UTC, after they highlighted suspicious habits occurring with one in every of Cuban’s wallets that the 65-year-old hadn’t interacted with for roughly 5 months.

Based on the transaction history on Etherscan, a number of batches of property resembling USD Coin (USDC), Tether (USDT) and Lido Staked Ether (stETH) had been all of a sudden withdrawn from the pockets inside a 10- minute window.

Including complexity to the matter, one other $2 million value of USDC was then additionally withdrawn and despatched to a special pockets, main WazzCrypto to suspect that Cuban might have simply been shifting property round.

Nevertheless, just a few hours later Cuban then confirmed to DL Information that he had gone on MetaMask for the primary time in months, and vaguely suggested that the hacker or hackers might have been watching and ready for a second to pounce.

Cuban added that he had transferred any remaining property to Coinbase Custody, primarily confirming that the $2 million USDC transaction was him.

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By way of the hack, members of the neighborhood had been fast to level out that versus hackers watching Cuban’s exercise, he will need to have performed one thing that led to the safety breach.

Some recommended that Cuban might have mistakenly signed a malicious transaction, whereas others asserted that his non-public key was compromised provided that the funds had been immediately transferred out of the pockets.

Hypothesis on how Mark Cuban was hacked. Supply: X

This isn’t the primary time Cuban has taken a success within the crypto market.

Again in June 2021, Cuban lost an unspecified amount of capital on what he referred to as a “rug pull” after an algorithmic stablecoin challenge referred to as Iron Finance imploded amid a supposed bank run.

Journal: Hodler’s Digest, Aug. 27 – Sept. 2: SEC delays BTC ETF decision, Grayscale triumphs over SEC and BitBoy gets the boot