Mark Cuban loves cryptocurrency so much that even after his digital wallet was hacked for nearly $1 million, he continued to advocate for it as an alternative investment. The multibillionaire owner of the NBA’s Dallas Mavericks is famous for his “no risk-it, no biscuit” business philosophy, and his allegiance to cryptocurrency is evidence of that mindset.
Cuban’s funds are kept in a digital wallet, an online repository that acts as a bank for cryptocurrency. MetaMask is one of these digital wallets that hold his crypto. It allows users to easily buy, sell or transfer crypto from their mobile phone or desktop. Unfortunately, hackers have developed Trojan Horse MetaMask app downloads that look and act like the real thing, but also give them a backdoor into the user’s digital wallet. Users can easily be exposed if they accidentally install or reinstall the malicious software while thinking it’s the legitimate one.
The flexibility offered by digital wallets like MetaMask is what appeals to users, as it allows them to hold as much cryptocurrency as they want — Bitcoin, Ethereum or Dogecoin — and easily convert it into other denominations or transfer it to a fiat currency like U.S. dollars or euros.
In Cuban’s case, he lost a mix of Stablecoin, rare Ethereum coins and other cryptocurrencies worth an estimated $870,000 before he realized the error. Fortunately, he was able to move the remaining balance to Coinbase before the MetaMask hackers could do any more damage.
Remarkably, Cuban decided to keep investing in cryptocurrency after the incident, seeing it as both a hedge against inflation and the wave of the future. His willingness to stick with his instincts on crypto speaks to his risk tolerance and confidence in himself as an investor. The key takeaway is that any investment carries risks, and the more volatile or risky it is, the higher the potential profit — but also the greater the risk of loss.
