February 24, 2024

Tech billionaire Mark Cuban recently lost nearly $900,000 worth of crypto to a scam that could happen to any crypto owner.

On Friday, apparent hackers drained Cuban’s digital wallet of around $870,000 worth of various types of cryptocurrencies, including various stablecoins, SuperRare and Ethereum Name Service tokens, according to crypto news outlet DL News.

DL News reports that Cuban recently went on MetaMask, an app that allows users to purchase, store and trade digital tokens, for “the first time in months” to check his account on his phone.

However, Cuban says he believes he downloaded a fraudulent version of the popular app that he found in a Google search, according to DL News. Cuban did not respond to CNBC Make It’s requests for confirmation and additional comment.

That’s an easy mistake to make. MetaMask is one of the most common crypto wallet managers and there are many fake versions of it that cyber thieves create in order to dupe crypto investors, Kenny Estes, founder and CEO of Diffuse Funds, tells CNBC Make It.

“There are versions of it that are malicious and look like MetaMask, but have a Trojan backdoor built into it. So, if you download that wrong version of MetaMask, they can just take all your funds,” he says.

And when it comes to crypto, transactions are irreversible. Once those tokens are gone, they’re gone for good. That’s one reason financial experts advise against putting more money into crypto than you’re willing to potentially lose.

Before the hackers…

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