Billionaire Mark Cuban lost crypto assets worth $870k to a sophisticated phishing scam.
Dive in to understand how even the well-versed can fall prey to rising crypto thefts. Stay updated, stay secure.
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Multiple Crypto Assets Including ETH, USDC, and MATIC Stolen
Billionaire Mark Cuban, owner of the NBA’s Dallas Mavericks, fell victim to a phishing scam, losing crypto assets worth approximately $870,000 according to multiple reports.
The theft from Cuban's crypto wallet was first reported by the on-chain investigator "Wazz" on September 16, 2023, and later confirmed by "DLNews," stating that "Mark Cuban acknowledged he was a victim of hacking."
In the phishing scam, around $8,294 worth of "5 ETH" were stolen at the time of the article’s writing.
Other stolen crypto assets included "USDC, MATIC, stETH," and various tokens related to "SuperRare and Ethereum Name Service.
" According to DLNews, a total of 10 types of crypto assets were stolen, amounting to a total loss of approximately $870,000.
Root Cause of Crypto Theft
Reports suggest that the cause of Mark Cuban’s loss was the downloading of a malicious fake MetaMask wallet.
MetaMask is a widely-used crypto wallet in the cryptocurrency industry, but there are currently several "fake versions" released to steal users’ confidential information and crypto assets.
These counterfeit wallet apps trick users into entering their "private keys" or "seed phrases," enabling the scammers to steal assets from the target’s wallet (once they have the private keys, they can initiate transfers from that wallet).
Mark Cuban was able to mitigate the damage by transferring $2 million worth of his crypto assets to a storage service known as "Coinbase Custody."
However, before he could take this protective measure, he lost crypto assets worth approximately $870,000.
Rising Scam Alerts
The rate of scams involving the theft of cryptocurrencies through fake apps and phishing sites is increasing. Last month, it was reported that even the "U.S. Drug Enforcement Administration fell victim to an address poisoning scam."
Such scams are occurring even among those who are well-versed in cryptocurrencies.
Recent warnings include "scams exploiting Discord's hidden link feature," thus emphasizing the need for constant vigilance when using cryptocurrencies.