• Mon. May 20th, 2024

Mark Cuban Gets $3 Million Back From a Stolen Cryptocurrency Wallet on Metamask

Phillip Bryant

ByPhillip Bryant

Sep 21, 2023

According to the findings derived from Arkham Intelligence, a sophisticated platform leveraging artificial intelligence to organize on-chain data, it has been ascertained that Mr. Mark Cuban, a prominent figure in the realm of American investment and the esteemed proprietor of the NBA franchise known as the Dallas Mavericks, has successfully recuperated a substantial sum of 3.049 million USDC from his previously compromised digital wallet.

According to Colin Wu, a renowned Chinese crypto reporter, it has been reported that Mr. Cuban proceeded to transfer the recuperated USDC funds to an address associated with the Coinbase exchange after the retrieval process.

The address (0x29…dAAc) associated with Mark Cuban, a prominent American investor and proprietor of the NBA Dallas Mavericks, has been subject to a security breach after an inactivity lasting 160 days. 

— Wu Blockchain (@WuBlockchain) September 16, 2023

As per Wu’s account, it has been reported that Cuban’s wallet was subject to theft after 160 days of inactivity. The observer additionally documented the presence of 175,000 USDC, 4,340 USDC, 4,860 USDT, 7,020 RARI, 12,360 MATIC, 338.21 stETH, 5.29 ETH, 8.247 WETH, 697,480 RARE, 16,670 BIT, 5.92 GOHM, and 10,000 AUDIO within the wallet.

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Even with the progress made in Cuban’s recovery, it has been reported that the wallet incurred a financial loss of approximately $870,000 due to the actions perpetrated by the hacker or collective of hackers.

The occurrence was observed by an autonomous blockchain investigator, Wazz, utilizing the X application. An atypical observation was made regarding the wallet’s behavior after an extended period of inactivity.

The user of the X app has provided a screenshot displaying the most recent on-chain activities associated with a specific wallet. The user inquired whether the wallet has recently experienced a complete depletion of its funds.

Has Mark Cuban’s financial resources recently experienced a significant reduction?
 
The wallet has been inactive for 160 days when all associated assets have been transferred. This transfer of assets is evidenced by the provided image, bearing the URL pic.twitter.com/vWnMZFyHB5.

— Wazz (@WazzCrypto) September 15, 2023

As per the available reports, Cuban confirmed that the hack occurred within a few hours after Wazz’s post. The esteemed investor has acknowledged their utilization of the MetaMask platform after prolonged inactivity.

Cuban posited that the individual or individuals responsible for the unauthorized access to the wallet above may have engaged in a prolonged surveillance period, patiently biding their time until an opportune moment presented itself to execute their actions.

In light of the incident, an individual utilizing the pseudonym “Cryptomom” on the X application has put forth a speculative assertion, suggesting that Mr. Cuban may have inadvertently engaged in the signing of a document or transaction via his MetaMask wallet that was not intended or advisable. The inquiry arises regarding the rationale behind the investor’s decision to maintain a substantial quantity of cryptocurrency within a hot wallet.

A fellow user of the X app, Junion, has refuted the speculative claims made by Cryptomom, asserting that there is no evidence to suggest that Cuban has endorsed or signed any such agreement. Based on the analysis conducted by Junion, it has been observed that the transaction details on Etherscan reveal a compromise of Cuban’s private key. This conclusion is drawn from the direct transfers that have taken place.

Phillip Bryant

Phillip Bryant

Phillip Bryant, an esteemed writer in the financial field, imparts his extensive knowledge of currency markets to the readers of Main Crypto News. With a wealth of experience in international finance and a keen sense of market trends, Bryant offers timely and perceptive analysis of foreign exchange, keeping readers well-informed.

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