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Mark Cuban’s hot wallet breach costs him $870,000

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Mark Cuban has indeed acknowledged a breach in his digital security, but the precise details of the intrusion remain shrouded in uncertainty at this juncture. Approximately $900,000 worth of cryptocurrency appears to have been siphoned from one of the hot wallets belonging to Mark Cuban, the billionaire investor and owner of the Dallas Mavericks.

The initial alert about this breach came from the vigilant blockchain investigator, @WazzCrypto, who spotted unusual activities in one of Cuban’s dormant wallets on September 15th, around 8 PM UTC. The wallet had not seen any activity for nearly five months.

A perusal of the transaction history on Etherscan reveals a sudden withdrawal of several asset batches, including USD Coin (USDC), Tether (USDT), and Lido Staked Ether (stETH), all transpiring within a brief 10-minute window.

To further complicate matters, an additional $2 million worth of USDC was withdrawn and routed to a different wallet. This led @WazzCrypto to speculate whether Cuban might have been orchestrating asset transfers himself.

However, Cuban later confirmed to DL News that he had accessed MetaMask for the first time in months, hinting vaguely that the hacker or hackers might have been monitoring his actions, awaiting an opportune moment to strike.

Cuban disclosed that he had promptly transferred the remaining assets to Coinbase Custody, effectively confirming his involvement in the $2 million USDC transaction.

When the community delved into the hack, some members noted that, rather than hackers surveilling Cuban’s activities, it was possible that he had unwittingly authorized a malicious transaction. Others posited that his private key might have been compromised, given the direct transfer of funds from the wallet.

This incident marks not the first time that Cuban has experienced setbacks in the cryptocurrency market. In June 2021, he suffered unspecified losses in what he referred to as a “rug pull,” following the implosion of an algorithmic stablecoin project known as Iron Finance amidst rumors of a bank run.

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