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Approximately $900,000 in cryptocurrency was allegedly siphoned from one of the hot wallets owned by billionaire investor and Dallas Mavericks proprietor Mark Cuban.
Independent blockchain investigator @WazzCrypto was the first to detect the breach on September 15 at around 8 PM UTC, after they noted unusual activity occurring with one of Cuban’s wallets that the 65-year-old had not accessed for about five months.
Lmao, did Mark Cuban’s wallet just get drained?
Wallet inactive for 160 days and all assets just moved pic.twitter.com/vWnMZFyHB5— Wazz (@WazzCrypto) September 15, 2023
As per the transaction records on Etherscan, multiple batches of assets including USD Coin (USDC), Tether (USDT), and Lido Staked Ether (stETH) were abruptly withdrawn from the wallet within a span of 10 minutes.
Complicating the situation, an additional $2 million worth of USDC was subsequently withdrawn and transferred to another wallet, prompting WazzCrypto to speculate that Cuban might have simply been reallocating his assets.
However, a few hours later, Cuban confirmed to DL News that he had accessed MetaMask for the first time in months and vaguely implied that the hacker or hackers might have been monitoring and waiting for an opportunity to strike.
Cuban stated that he had moved any remaining assets to Coinbase Custody, effectively verifying that the $2 million USDC transaction was indeed his.
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Regarding the hack, community members were quick to suggest that rather than hackers observing Cuban’s actions, he must have taken some action that resulted in the security lapse.
Some speculated that Cuban might have inadvertently signed a malicious transaction, while others claimed that his private key was compromised since the funds were directly moved out of the wallet.
Speculation on how Mark Cuban was hacked. Source: X
This is not the first instance of Cuban facing losses in the cryptocurrency market.
In June 2021, Cuban experienced an undisclosed loss after what he referred to as a “rug pull” involving an algorithmic stablecoin project named Iron Finance, which collapsed amid a purported bank run.
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