The week ended badly for tech billionaire Mark Cuban, who decided to dabble in crypto after months of inactivity and fell victim to a crypto scam late Friday. Despite blockchain watchers flagging the transactions and allowing him to move other holdings to safety, he lost $870,000 on a number of cryptocurrencies.

The entrepreneur managed to keep the cryptocurrency he had on Polygon (MATIC), but his wallet was full of a number of stablecoins, Lido staked ETH, SuperRare and Ethereum Name Service tokens (.ens domains).

Pseudonymous on-chain detective @WazzCrypto was the first to notice that something was wrong.

“Is Mark Cuban’s wallet just depleted?” he asked on Twitter, claiming that the tech mogul’s wallet had been inactive for 160 days when funds suddenly started moving.

Wazz posted screenshots of crypto wallets linked to Cuban showing multiple Ethereum (ETH) transactions, claiming they exhibited “very suspicious” behavior. Later posts suggest that the entrepreneur was alerted to the alleged hack – which was confirmed by media outlet DL News – and transferred his USDC worth $2 million to Coinbase.

“End of an era,” posted Wazz.

DL News reported that they contacted Cuban about the hack, after which he stated: “Someone caught me for 5 ETH.”

“You must have been watching,” Cuban told the news outlet, explaining that he jumped on MetaMask “for the first time in months.”

Although the Dallas Mavericks owner seemed to suspect that the hack was due to someone monitoring his online activities, he most likely downloaded a fake and fraudulent copy of the popular browser-based MetaMask crypto wallet.

Cuban told DL News that he was looking for information about Circle, a company in the midst of a major expansion, and ended up downloading what he thought was MetaMask – but the application had “shit in it.”

According to DL News, the hack happened when Cuban went to his account to clean it on his phone.

“MetaMask crashed a few times. I just stopped. Then you sent me an email. So I locked my NFTs on OpenSea. I transferred my entire polygon to the account,” Cuban told the media outlet.

Mark Cuban did not respond to a request for comment from Decrypt.

Cuban is an outspoken fan of cryptocurrencies and has promoted non-fungible tokens (NFTs) and blockchain technology in discussions with Decrypt in the past. Yesterday’s hack proved something Cuban had pointed out in the interview – something that might have saved him a whole lot of money.

“The whole point of blockchain is that it is 100% public,” he told Decrypt, adding that he doesn’t care if people know what digital assets he owns. This feature saved Cuban as it allowed blockchain analysts to get wind of the hack.

Cuban, who acknowledged the lack of anonymity, claimed he has “a lot of wallet” and that “99% of what he does is learning.” He concluded that the technology “needs to be simpler so that anyone, celebrity or not, can do it.”

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Source : decrypt.co

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