Nearly $900,000 worth of cryptocurrency has reportedly been lost from a hot wallet belonging to billionaire investor and Dallas Mavericks owner Mark Cuban.

Independent blockchain detectives @WazzCrypto were the first to spot the hack at around 8pm on September 15 after they highlighted suspicious behavior taking place on one of the Cuban’s wallets, which the 65-year-old had not interacted with for about five months.

Lmao, did Mark Cuban's wallet just get emptied? Wallet inactive for 160 days, all assets just moved to pic.twitter.com/vWnMZFyHB5

— Wazz (@WazzCrypto) September 15, 2023

According to transaction history on Etherscan, several batches of assets such as USD Coin (USDC), Tether (USDT) and Lido Staked Ether (stETH) were suddenly withdrawn from the wallet within 10 minutes.

To complicate matters further, another $2 million worth of USDC was also withdrawn and sent to another wallet, leading WazzCrypto to suspect Cuban might simply be moving assets around.

However, hours later, Cuban subsequently confirmed to DL News that he had used a Fox wallet for the first time in months, and vaguely hinted that the hacker may have been watching and waiting a moment to pounce.

Cuban added that he had transferred any remaining assets to Coinbase Custody, essentially confirming that the $2 million USDC transaction was his.

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As far as the hack goes, community members were quick to point out that, contrary to the hackers who monitored Cuban’s activities, he must have done something that led to the security breach.

Some believe Cuban may have mistakenly signed a malicious transaction, while others claim his private keys were compromised as funds were transferred directly from the wallet.

This isn’t the first time Cuban has taken a hit in the crypto market.

Back in June 2021, Cuban lost an undisclosed amount of money in a so-called “carpet pull” after an algorithmic stablecoin project called Iron Finance collapsed in an alleged bank run.

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Author: Deepchain DCNews

Compiled by: Sister Shen

Twitter: DeepChain

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