Mark Cuban Lost $870K In MetaMask Wallet Hack
Mark Cuban, an investor, entrepreneur, and owner of the Dallas Mavericks, lost $870K from one of his hot wallets becoming a victim of a crypto scam. Crypto detective WazzCrypto first noticed this and shared it on X. Then more people started talking about this.
WazzCrypto detected suspicious activities on Cuban's MetaMask wallet on EtherScan. That wallet was inactive for almost six months and suddenly transferred all crypto to a different wallet quickly in 5 minutes. That's suspicious. It did not end here.
It revealed that another $2 million USDC was transferred to a different wallet address. So what is going on with all suspicious behaviors? Mark Cuban confirmed that hackers drained his MetaMask wallet. Initially, his response was like someone got him for 5 ETH.
As a matter of fact, he lost almost $870,000 worth of crypto assets including Lido Staked Ether (stETH), SuperRare, Ethereum Name Service, and stablecoins. He transferred $2 million USDC to Coinbase Custody. So it was him, not the hackers transferring the funds.
People talked about how it happened and hackers stole his crypto. Some say probably Mark Cuban signed a malicious transaction and that gave hackers access to his MetaMask wallet. And hackers drained his crypto wallet.
Some people say it is not by signing a malicious transaction. The seed phrase was compromised in some way and he lost his $870K crypto assets. Mark Cuban does not know exactly how it happened. Probably he downloaded a fake version of the MetaMask wallet and hackers got access to his seed phrase.
It is concerning that an experienced billionaire investor became a victim of a phishing attack and hackers successfully hacked and drained his crypto wallet. Things happen that you did not expect experienced individuals like Mark Cuban to become a victim of hacks.
It is not the first time things like that happened with Mark Cuban. He lost his crypto assets in Iron Finance, an algorithmic stablecoin project, in 2021. That crypto project was a rug pull. He ended up losing his capital and it was not defined how much he lost over there.
Mark Cuban was not passionate about crypto before. He expressed his opinions like he would prefer to have a banana than Bitcoin. He changed his mind later and saw the potential of crypto. Then Cuban started investing in crypto assets and got involved in it.
You cannot deny the risk when you get involved in crypto. Criminal actors are active in stealing crypto from their next victims. Secure your crypto assets, and stay vigilant to be on the safe side.
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Reference: 1.
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I wonder how come such a vivid crypto spokesperson uses Metamask for holding his crypto (or part of it). A hardware or cold wallet is to go to sleep well.
Maybe that amount does not seem a lot for him. Still, leaving crypto on MetaMask that you do not actively use is not a good idea. A hardware wallet is a way to go.
It sucks to hear that he lost his crypto and I wonder how it went. I guess metamask isn't that safe.
If someone's MetaMask wallet is compromised in some way, it is not safe anymore. I think users should pay more attention to when they download MetaMask wallet and give permission to a transaction.