Mark Cuban suffers $870,000 loss in MetaMask crypto wallet hack By Investing.com

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Mark Cuban suffers $870,000 loss in MetaMask crypto wallet hack

Published Sep 18, 2023 01:53PM ET

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Mark Cuban suffers $870,000 loss in MetaMask crypto wallet hack

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Billionaire investor and Dallas Mavericks NBA team owner, Mark Cuban, confirmed on Monday that his MetaMask crypto wallet was the target of a hack, resulting in a loss equivalent to $870,000. The suspicious movement of funds from the wallet, identified on Etherscan as Mark Cuban 2, was first noticed by a blockchain expert after 160 days of inactivity.

The incident was confirmed by Cuban himself to cryptocurrency news outlet DL News. Despite the substantial loss, he was able to transfer the remaining funds to another Coinbase (NASDAQ:COIN) crypto wallet. The rescue transaction amounted to approximately $2.5 million USDC on Polygon. Additionally, Cuban claimed to have secured his NFTs on OpenSea.

This event underscores the risks associated with digital asset investments. Cuban, known for his stance on Bitcoin as a "decent investment," compared to gold which he believes is not truly owned by the investor, experienced firsthand the potential pitfalls of the crypto space. His experience serves as a reminder for investors to take adequate security measures when dealing with digital assets.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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