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Mark Cuban Falls Victim to Nearly $1M Crypto Scam

Sep 18, 2023 at 09:46 am

Over the weekend, Mark Cuban, the renowned tech magnate and proprietor of the Dallas Mavericks, encountered a significant setback. He found himself in a predicament, losing an estimated $870,000 in tokens. This unfortunate incident transpired when he decided to access his cryptocurrency wallets after a prolonged period of inactivity, only to, in all likelihood, fall prey to a cunning phishing attack.

Phishing attacks stand as a pervasive menace within the cryptocurrency industry. They employ deceptive methods to either obtain sensitive information or implant malicious software. Users, at times, unwittingly engage with deceitful links or download counterfeit applications that are meticulously crafted to siphon off their digital assets.

In the case of Cuban, his wallet witnessed a substantial depletion of various assets, including U.S.-pegged stablecoins, staked ETH (stETH), SuperRare (RARE) tokens, and specific Ethereum Name Service (ENS) domains, data by blockchain. This peculiar activity was initially flagged by the vigilant on-chain observer known by the handle @wazzcrypto.

Fortunately, once alerted to these suspicious transactions, Cuban acted promptly. By gaining access to his wallet and orchestrating a transfer to an address on the Coinbase exchange, he managed to secure holdings exceeding $2.5 million in Polygon’s MATIC tokens.

Cuban recounted that the phishing endeavor seemed to have emanated from a fraudulent MetaMask wallet application, which he had unwittingly installed. He shared this revelation with DLNews. This incident serves as a stark reminder of the imperative for unwavering vigilance and stringent security protocols in the realm of cryptocurrency, even for seasoned individuals such as Mark Cuban.

Just a week prior to this incident, another high-profile figure fell victim to a phishing attack. Vitalik Buterin, one of the co-founders of Ethereum, had his X account compromised in an early September phishing attempt. While Buterin himself didn't appear to suffer any losses, users collectively lost around $700,000 by inadvertently sending tokens to a deceptive link that appeared to have Buterin's endorsement.

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