Tech Billionaire Mark Cuban Loses $870K in Crypto Scam
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Tech Billionaire Mark Cuban Loses $870K in Crypto Scam

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Created 9mo ago, last updated 9mo ago

Tech billionaire Mark Cuban suffered a setback in his crypto ventures when he fell victim to a cryptocurrency fraud, resulting in a loss of $870,000 across multiple cryptocurrencies.

Tech Billionaire Mark Cuban Loses $870K in Crypto Scam

Mark Cuban Has Suffered From Crypto Scammers

Tech billionaire Mark Cuban suffered a setback in his crypto ventures when he fell victim to a cryptocurrency fraud, resulting in a loss of $870,000 across multiple cryptocurrencies.

While Cuban was able to move some of the crypto he had on Polygon to safety, his wallet was drained of stablecoins, while Lido staked ETH, SuperRare tokens, and Ethereum Name Service (.ens domains). The sudden movement of funds from Cuban's dormant wallet was initially discovered by pseudonymous on-chain detective @WazzCrypto.

After contacting Cuban, a media outlet confirmed the attack and learned that he had been targeted for 5 ETH. Cuban claimed that he recently accessed MetaMask, a popular browser-based crypto wallet, while looking for information about Circle. It appears that he unintentionally downloaded a fake clone of MetaMask, resulting in the compromise of his wallet. MetaMask scams have recently propagated, with some scammers duplicating official government sites to dupe users into connecting their wallets.

Despite the loss, Cuban has been an outspoken proponent of cryptocurrencies and NFTs, emphasizing the open nature of blockchain, which enabled blockchain analysts to detect and report the attack. Cuban, who recognized the need for improved accessibility to crypto technology, stated that he has multiple wallets and is primarily focused on learning about the space.

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