- 1 Mark Cuban confirmed $870K worth of crypto was stolen from his MetaMask wallet.
- 2 An exploit was first noticed by WazzCrypto that found a sudden fund transferred from Mark Cuban’s wallet.
Mark Cuban, the Billionaire investor and crypto enthusiast, recently confirmed that one of his wallets was hacked, resulting in a loss of over $870K. As per a recent Yahoo Finance report, the exploit was first reported by WazzCrypto, who questioned “why the long-dormant wallet belonging to Cuban was suddenly moving all its assets.”
Was Mark Cuban Unaware About the Hack?
Mark Cuban said he was ‘unaware of the hack’ when approached about the matter by DL News, and later said “5 ETH was stolen,” worth just more than $8200 at current market price. He also told DL News that he plans to send his remaining digital assets to Coinbase Custody. However, the true extent of his losses was actually much greater and amounted to more than 870K in stolen assets.
In addition, Etherscan records show transfers of USDC, stETH, and one more cryptocurrency as well as tokens from platforms such as “SuperRare, and Ethereum Name Service.” At the time of report, the pilfered tokens remain in the attacker’s wallet.
It must be noted that this is not Cuban’s first loss in crypto, his 2021 foray (Cuban made a sizable investment) into the world of Decentralized Finance (DeFi) via Iron Finance, an algorithmic stablecoin, imploded leaving holders with worthless tokens. He appeared on Bloomberg shortly thereafter to call for stablecoin regulations.
He said he was a victim of a phishing attack that tricked him into entering his seed phrase on a fake website. He warned other crypto users to be careful and not to fall for similar frauds.
Cuban On Crypto Regulation
The well-known billionaire investor is also an avid supporter and user of cryptocurrencies. He has made several statements about crypto and U.S. regulators. Mark Cuban criticized the Securities and Exchange Commission (SEC) for taking a wrong approach to regulating the crypto industry.
Regarding the SEC, he said that they “litigate to regulate” and that they are “arrogant” in thinking that their existing framework covers every possible situation. He also said that the SEC is not infallible and that it makes mistakes.
He also contrasted the regulatory strategies of the U.S. SEC and the approach adopted by Japan’s regulator for the crypto industry. He kept his point and said when the crypto exchange FTX crashed, no one in FTX Japan lost money, as Japan had clear regulations that required the separation of customer and business funds and clear wallet requirements. He thinks if the U.S. SEC had followed their example, no one here would have lost money on FTX.
Moreover, Cuban also slammed the U.S. Senator Elizabeth Warren over her proposals to tax the rich. According to him, Warren was “disingenuous” and “misleading” the public about the impact of her plans. He also added that he pays more taxes than Warren and that she should “s***w you” instead of attacking him and other Billionaires.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.