Investor Mark Cuban loses $870K in hot wallet hack

Mark Cuban had to face hack Nearly $900,000 worth of cryptocurrency

has been taken out of a hot wallet of billionaire investor and Dallas Mavericks owner Mark Cuban. Independent blockchain detective Wazz first discovered the hack at around 8 a.m. UTC on September 15, when they uncovered suspicious behavior with one of Cuban's wallets. According to transaction history on Etherscan, several batches of assets like USD Coin Ether and Lido Staked Ether (stETH) were suddenly withdrawn from the wallet within a 10-minute window.$2 million worth of USDC was also withdrawn and moved to a different wallet, leading Wazz to suspect that Cuban might be moving assets around. However, a few hours later Cuban confirmed to DL News that he had visited the MetaMask wallet several months later and vaguely suggested that the hackers had been waiting for that moment to attack. Cuban said he has transferred all remaining assets to Coinbase custody.

Regarding the hack, community members have said that other than the hackers observing Cuban's activity, he may have made a mistake that led to the security breach. While some suggested Cuban may have accidentally signed a false transaction, others claimed his private key was compromised as funds were transferred directly from the wallet.This is not the first time Cuban has suffered a setback in the crypto market. Cuban lost a large sum of money from his fund, which he described as a rug pool, after an algorithmic stable coin project called Iron Finance failed in a bank run in June 2021.