Approximately $900,000 worth of cryptocurrency has reportedly been siphoned from a hot wallet owned by billionaire investor and Dallas Mavericks owner, Mark Cuban.
The breach was first detected on September 15th around 8 pm UTC by the independent blockchain investigator known as Wazz.
Wazz noticed suspicious activity in one of Cuban’s wallets, which had remained dormant for approximately five months.
A scrutiny of the transaction history on Etherscan revealed that various assets, including USD Coin, Tether, and Lido Staked Ether (stETH), were swiftly withdrawn from the wallet in a 10-minute timeframe.
To complicate matters, an additional $2 million worth of USDC was subsequently withdrawn and transferred to another wallet, leading Wazz to speculate that Cuban might have been repositioning his assets.
A few hours later, Cuban corroborated this by informing DL News that he had accessed MetaMask for the first time in months. He vaguely hinted that the hackers might have been monitoring his activity, waiting for an opportune moment to strike.
To secure his remaining assets, Cuban disclosed that he had moved them to Coinbase Custody, effectively confirming that the $2 million USDC transfer was legitimate.
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Regarding the hack, some community members asserted that Cuban’s actions may have inadvertently triggered the security breach.
They suggested he might have mistakenly approved a malicious transaction or, more worryingly, that his private key had been compromised, as the funds were directly withdrawn from the wallet.
This incident isn’t the first setback Mark Cuban has faced in the cryptocurrency market.
In June 2021, he suffered an unspecified loss in a “rug pull” when an algorithmic stablecoin project called Iron Finance collapsed amid allegations of a bank run.
In summary, nearly $900,000 in crypto assets was drained from Mark Cuban’s hot wallet in a security breach discovered by independent blockchain investigator Wazz.
Cuban later confirmed his involvement in a $2 million USDC transaction, and the crypto community speculates that his own actions may have inadvertently led to the hack.
This incident adds to Cuban’s previous crypto setbacks, including losses incurred in the Iron Finance project collapse.
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