In September 2023, Mark Cuban, the billionaire entrepreneur and owner of the Dallas Mavericks, fell victim to a cryptocurrency scam resulting in a loss of approximately $870,000. The incident underscores the persistent vulnerabilities in the digital asset space, even among seasoned investors.
On 15 September 2023, Cuban accessed his MetaMask cryptocurrency wallet after a hiatus of several months. Shortly thereafter, an on-chain analyst known as WazzCrypto observed unusual transactions emanating from a wallet labelled “Mark Cuban 2” on Etherscan. This wallet had remained dormant for over 160 days prior to the sudden activity.
Cuban later acknowledged the breach, attributing it to inadvertently downloading a fraudulent version of the MetaMask wallet. He speculated that this action compromised his security, allowing attackers to siphon funds. The assets stolen encompassed a range of cryptocurrencies, including 5 Ethereum (ETH) tokens, USD Coin (USDC), Lido staked Ethereum (stETH), SuperRare tokens, and several Ethereum Name Service (ENS) domains.
Upon realising the unauthorised transactions, Cuban acted swiftly to mitigate further losses. He managed to transfer approximately $2 million in USDC to Coinbase Custody, thereby safeguarding a significant portion of his holdings.
This incident is not Cuban’s first encounter with the perils of the cryptocurrency market. In 2021, he suffered losses following the collapse of Iron Finance’s TITAN stablecoin, an event widely regarded as a ‘rug pull’.
Despite these setbacks, Cuban remains an active participant in the crypto space. In January 2025, he voiced criticism over the proliferation of memecoins, expressing concerns about their potential to undermine the industry’s credibility. Demonstrating his commitment to constructive engagement, Cuban announced plans to launch his own memecoin with a distinctive approach: all generated revenue would be directed to the U.S. Treasury to assist in reducing the national debt.
Cuban’s experience highlights the ongoing security challenges inherent in the cryptocurrency ecosystem. Phishing attacks, where malicious actors deceive individuals into divulging sensitive information or downloading harmful software, remain a prevalent threat. This incident serves as a stark reminder of the importance of vigilance, even for those well-versed in digital technologies.
The cryptocurrency community continues to grapple with these issues, emphasising the need for enhanced security measures and user education to prevent such occurrences in the future.