Billionaire investor Mark Cuban had nearly $900,000 in cryptocurrency drained from one of his hot wallets in a recent hack. The wallet had been inactive for 5 months prior to the breach.
Noted blockchain sleuth @WazzCrypto first spotted the hack around September 15th. The hacker withdrew multiple assets including USDC, USDT">USDT, and ETH from Cuban’s wallet within a 10-minute period.
Cuban later moved $2 million in USDC to a separate wallet, leading some to think he was just transferring funds. But Cuban confirmed to DL News he was hacked after accessing MetaMask for the first time in months.
The method of attack is unclear. Some speculate Cuban may have signed a malicious transaction or had his private key compromised, allowing the hacker to directly withdraw funds.
Cuban has now moved remaining assets to oinbase">Coinbase Custody for security. This isn’t Cuban’s first crypto loss – he was hit in 2021 by a “rug pull” attack on the Iron Finance protocol.
The high-profile hack highlights the ongoing risks of hot wallets, which are connected to the internet unlike cold wallets. It underscores the need for strict security practices even among experienced crypto investors.
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