Here’s How Much Mark Cuban Lost In Wallet Hack

September 16, 2023 11:11 am Comments

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:

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USDC, Tether (USDT), and Lido Staked Ether (stETH) were suddenly withdrawn from the wallet within a 10-minute window.

Adding complexity to the matter, another $2 million worth of USDC was then also withdrawn and sent to a different wallet.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.”

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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