Mark Cuban’s Crypto loss recently included Five Ethereum (ETH) tokens, worth around $8,170 at the current exchange rate, which were lost by him in a crypto fraud. This included his token in USD coins, and Polygon also.
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Cuban’s Crypto Loss
Late on September 15, Mark Cuban, an American entrepreneur, investor, director of movies, and television personality, lost around $870,000 to a scam involving cryptocurrency.
On-chain investigator Wazz discovered the strange transactions in the MetaMask digital currency wallet identified as Mark Cuban 2 on EtherScan. According to CryptoSlate, the wallet had been dormant for a period of over five months.
He further commented on X that Cuban’s wallet had been dormant for 160 days and all of his holdings had just moved.
Five Ethereum (ETH) tokens, worth around $8,170 at the current exchange rate, were lost, according to Cuban. He also stole tokens from SuperRare, Ethereum Name Service, Polygon, Lido staked Ethereum, USD Coin (USDC), and MATIC, according to the claims.
The majority of the assets weren’t confiscated, though, because the billionaire was able to transfer about $2 million USDC from the wallet to Coinbase Storage.
Cuban asserts that the hack occurred as a direct result of his installing a malicious copy of MetaMask.
According to him, he returned to MetaMask after a lengthy absence. Cuban was cited as saying that they have to be looking.
Additionally, he claimed that his MetaMask program crashed a few times, at which point he froze his tokens that were not fungible (NFTs) on OpenSea and deleted all of his MATIC from the account.
Cuba has had prior losses from cryptocurrency. According to the report, he lost a confidential amount of funds when Iron Finance’s TITAN stablecoin crumbled in a suspected drug push in 2021.
CoinEx, a major cryptocurrency exchange, has revealed that significant quantities of digital assets used to fund the platform’s operations had been stolen from its hot wallets, which were compromised.
Initial examination of the September 12 event revealed that the unauthorized transactions involved cryptocurrencies such as Ethereum, Tron, and Polygon.
Common Cryptocurrency Scams
Some common cryptocurrency scams include:
Bitcoin Schemes
Scammers approach individuals in Bitcoin investment schemes by masquerading as experienced managers of investments. As part of the scam, the so-called investment advisors make exaggerated assertions about their success investing in Bitcoin and assure individuals that their money invested will be profitable.
Rug Pull Scams
In these scams, In rug pull scams, financial fraudsters hype a new initiative, non-fungible token (NFT), or coin to attract participants. The fraudsters simply vanish with the money after obtaining it.Â
These investments’ applications forbid anyone from selling cryptocurrency after buying it, leaving them with a useless transaction.
How to protect Cryptocurrency
- You can follow excellent online safety habits like using strong passwords, and only secured connections.
- You can also choose safe storage to defend digital wallets from scammers.
- Never divulge cryptocurrency passwords or wallet keys to anybody.
Conclusion
The recent unfortunate incident involving Mark Cuban serves as a stark reminder of the ever-present dangers in the crypto space.
Moreover, Cuban’s loss of nearly $870,000 to a malicious MetaMask copy highlights the importance of exercising utmost caution when dealing with digital assets.
Also, as the crypto landscape continues to evolve, staying vigilant against scams and fraudulent schemes remains paramount.
Additionally, By following robust online safety practices and safeguarding wallet information, individuals can fortify their defenses against potential threats, ensuring a more secure crypto experience for all.
