Here’s How Much Mark Cuban Lost In Wallet Hack
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September 16, 2023 11:11 am
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Billionaire Mark Cuban made headlines on Friday after falling victim to a hacker.
According to sources, Cuban had his wallet drained and lost nearly $900,000 worth of cryptocurrencies in the attack. The drained funds comprised mostly of stablecoins and liquid-staked Ethereum.
However, how exactly the funds were stolen remains to be confirmed, but it has been verified that Cuban was using a hot wallet—a wallet connected to the web.
This is a reminder that everyone should self-custody their crypto inside cold and hardware wallets to avoid such malicious attacks on the World Wide Web. Never leave your crypto on a hot wallet or an exchange.
Crypto Sleuth Keyur Rohit broke down the details of the hack in this X social thread:
2️⃣ How Was It Detected?
⁰👉 An independent blockchain detective named Wazz first noticed something odd with Cuban's wallet on Sept. 15.👉 The wallet had been inactive for about 5 months. https://t.co/3hVNtqQVdA
— Keyur Rohit (@CryptoKingKeyur) September 16, 2023
4️⃣ Was It All Stolen?
⁰👉 Another $2 million in USDC was moved to a different wallet shortly after.👉 Initially, this led some to think maybe Cuban was just transferring his assets. pic.twitter.com/O8An2LdQIH
— Keyur Rohit (@CryptoKingKeyur) September 16, 2023
Coin Telegraph reports:
According to the transaction history on Etherscan, several batches of assets such as USD Coin
USDC, Tether (USDT), and Lido Staked Ether (stETH) were suddenly withdrawn from the wallet within a 10-minute window.Adding complexity to the matter, another $2 million worth of USDC was then also withdrawn and sent to a different wallet.
Rohit explained the prevailing theory surrounding the reason for the hack:
“Most believe that this wasn’t a case of someone spying on Cuban’s activities. They theorize that either he accidentally signed a malicious transaction, or his private key (a critical security feature) was compromised, which allowed the hackers to transfer the funds directly.”
6️⃣ Community Speculation:⁰
👉 Most believe that this wasn't a case of someone spying on Cuban's activities.👉 They theorize that either he accidentally signed a malicious transaction, or his private key (a critical security feature) was compromised, which allowed the hackers… pic.twitter.com/od7GeM94iy
— Keyur Rohit (@CryptoKingKeyur) September 16, 2023
8️⃣ Main Takeaway:
👉 Even seasoned investors like Cuban can be vulnerable to #crypto hacks or market pitfalls.
👉 It's always crucial to maintain high security and be cautious with crypto transactions.
— Keyur Rohit (@CryptoKingKeyur) September 16, 2023
Crypto Potato confirmed that Cuban made the latter Coinbase transfer:
He also touched upon the aforementioned Coinbase transfer, saying that he was the one who made it to protect the rest of his investments.
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