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  • Writer's pictureJamal Saafir

Mark Cuban Has MetaMask Wallet Drained Of $900,000 In Phishing Attack

Updated: Oct 11, 2023

It appears that one of Shark Tank’s favorite sharks has gotten phished.

According to a report from Cryptopolitan, Dallas Mavericks owner and well-respected United States investor Mark Cuban has reportedly experienced a phishing attack, which led to a loss of roughly $900,000 from one of his MetaMask wallets. As seen in past crypto thefts, the incident has once again sparked concern regarding crypto asset safety and security.

The theft was made known by crypto investigator WazzCrypto, who recognized unusual activity associated with a MetaMask wallet belonging to Mark Cuban. According to on-chain data, around $900,000 worth of crypto was drained from the wallet. This wallet, dubbed “Mark Cuban 2” on Etherscan, had not been active for nearly six months before the abrupt movement of all its holdings.

Among the suspicious transactions, one standout event was a $2 million transfer of USDC stablecoin, followed by the conversion of all Ethereum (ETH) holdings to MATIC tokens after making a deposit on Coinbase.

Mark Cuban confirmed the theft when reached by DL News. He explained that he had accessed his MetaMask wallet after months of inactivity and believed that the attackers may have been monitoring his activity. In his own words, he stated, “I went on MetaMask for the first time in months. They must have been watching.”

Cuban continued to explain that he believes he may have downloaded a compromised version of the MetaMask wallet, which makes him the most recent victim of a phishing attack within the crypto community.

Regarding the large Coinbase transfer, Cuban made it clear that the transaction was authorized by him as a security measure to protect the remainder of his crypto investments. Only one of his MetaMask accounts was affected, leaving his other assets intact.

This incident serves as a clear reminder of the continuing security challenges facing cryptocurrency users and investors. Phishing attacks continue to be a frequent threat in the crypto space, targeting both new and experienced users. Investors are urged to exercise caution when downloading wallet applications and to verify the authenticity of the software they use.

Cuban’s experience validates the importance of regularly updating and reviewing the security of cryptocurrency wallets, as well as keeping a watchful eye for indications of suspicious activity. It is suggested that users use official sources and verify the authenticity of any software they download.

As the crypto industry expands and draws mainstream attention, incidents like this support the call for improved security measures and user education to protect digital assets from ill-natured actors.

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