Sep 18, 2023

Dallas Mavericks owner and billionaire tech investor Mark Cuban lost roughly $870,000 worth of tokens over the weekend due to a phishing scam.

Video transcript

Billionaire investor, Mark Cuban has lost nearly $900,000 worth of tokens over the weekend after likely clicking on a fishing link after months of inactivity. Cuban told outlet DL news, the fishing attack apparently seemed to stem from a fake meta mask wallet application that he downloaded. Cuban's wallet was drained of us. Pegged stable coins, staked E supera tokens and some ens domains, Lawrence. What, what do you make of this? It's just, I hate to see it, I hate to see it. Future of finance and, and, and I, I do mean that um because we, we talk about uh individuals, one of the, the the benefits of crypto to is the, the fact that the people can own their assets. The problem is people can own their assets and, and in many ways there, there's no recourse and a and for a lot of people, I'm talking about those who aren't Mark Cuban who don't have the resources to kind of go after anybody who's drained them and, and God knows if, if Cuban will ever be able to do that. And sure, um you know, this is some of some of what has been taken from, can be II, I guess marketed and, and what have you and, and that's the glories of, of Blockchain. But people who are watching this and seeing this and like, oh, wait, what's the, what's my recourse? Like, what happens to me if this happens to me? How do I, how do I, uh, you know, who do I notify in a decentralized system when I accidentally click on something and, and you know, if you think that and such things aren't going to be rampant, uh, have you noticed that you get spam calls all the time? Why? Because it works. I mean, people there, there was a, a certain age bracket to be sure. Um people who came of age during Woodstock who for whatever reason, believe that their grandson Timmy really is caught in a jail in London. And that, that's like, not a joke. And you could see this happening if the most sophisticated of investors, not just Mark Cuban, but vital Butter. The guy who created Ethereum, literally the guy, it, it came out of his head like, like Athena from Zeus and here it is, he got stuck with this as well. I mean, he got, he got taken for a ride and you know, you, you look at this and you're like, wow, how is it, how is my future going to look like if this were to take over the world? Um So it does scare a lot of people and I, there are some answers. There are some, there are some, uh, you know, uh, custody, uh, methods out there but this nonetheless should, um, it, people seeing this headline who aren't too familiar with crypto, of course, they get scared when they see this stuff and rightfully so. Mhm. We talk so much on the show about the benefits of decentralization but Lawrence, I think you bring up a good point. There are benefits to centralization. I think people feel um much more safe, much more secure when there's a centralized player and they know that they're hard earned cash is going to be where they left it and where they need it players in FTX. Right. Exactly. So there are, there are many, many layers to this. I don't think this is the last uh fishing attack or scam that we'll talk about.

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