8 ms·

Mark Cuban recently lost $870k in crypto by a fake app scheme: > “I’m pretty sure I downloaded a version of MetaMask with some shit in it,” Cuban told DL News.

Mark Cuban recently lost $870k in crypto by a fake app scheme: > “I’m pretty sure I downloaded a version of MetaMask with some shit in it,” Cuban told DL News. He said he had searched for Circle on Google, not MetaMask. [1] [1]: https://www.dlnews.com/articles/people-culture/mark-cuban-loses-870k-to-a-crypto-scam/ https://www.dlnews.com/articles/people-culture/mark-cuban-lo...

berkle4455 3y ago
It's mind boggling how crypto people still trust hot wallets that run as fucking browser extensions.
- maccard 3y ago
  The reality is that relying on a cold storage wallet for security is just too much overhead when it's competing against a biometric scanner to authorisar a transaction that can be reversed with a phone call.
  - deleted 3y ago
    [deleted]
csomar 3y ago
I don't know. But if you have $870K in crypto and don't use a hardwallet, I kind of don't feel bad for you.
- belltaco 3y ago
  To be fair, at Cuban scale that's your hot wallet.
  - fbdab103 3y ago
    Crypto aside, I have idly wondered how/where the mega rich keep their money. Is there a money manager effectively controlling a Schwab account with $1+ billion dollars? How do you minimize the blast radius to prevent internal/external loss of control? Even sub-dividing a fortune across N investment managers still leaves enormous targets painted on those accounts. Or is it the more implicit threat that you do not steal from these people or the full weight of the government will aid in recovering these funds?
    - dgacmu 3y ago
      At that level you typically set up what's referred to as a "family office" https://en.m.wikipedia.org/wiki/Family_office https://en.m.wikipedia.org/wiki/Family_office The family office will manage the investment portfolio, typically across not only brokerages and banks but also direct investments / private equity/ vc / etc.
    - SV_BubbleTime 3y ago
      People who aren’t rich usually cannot understand how very little of it is typically liquid. I sold some land, a guy sold me a Ferrari for it. I sold the Ferrari, never even saw it. He just couldn’t be bothered and wanted the land right then.
- fbdab103 3y ago
  "Look, idiot, if you do not perfectly follow all of this op sec, your money could disappear at literally any moment. In which case, sucks to be you. Oh, and also those crypto exchanges where people leave their money - those also have a good chance of disappearing in the night. Best to keep it under the digital equivalent of your mattress." I will stick with a bank which is regulated to protect my money, and heads will roll if funny business happens.
  - uoaei 3y ago
    > heads will roll if funny business happens To be fair, a lot of the crypto hype is predicated, if indirectly, on how few heads roll when (barely quasi-legal) funny business happens through official institutions.
    - RHSeeger 3y ago
      A. "I lost my money while it was in my bank... I got it back, but nobody got in trouble!" B. "I lost my money while it was in crypto... I didn't get it back and nobody got in trouble!" I'm not really sure B sounds like much of an improvement over A.
      - uoaei 3y ago
        I'm not saying they're right, just saying that "regulations will help" won't really be a big selling point for those who already have lost trust in such institutions.
  - worksonmine 3y ago
    > I will stick with a bank which is regulated to protect my money, and heads will roll if funny business happens. When did that ever happen? Did even a single head roll for the bullshit with subprime mortgages? Some people get a bonus when the scam is big enough.
    - chrismcb 3y ago
      Well some banks went out of business.
- ComputerGuru 3y ago
  870k is Cuban dipping his toes with a test account. Everyone has different risk profiles and adversity.

berkle4455 3y ago

It's mind boggling how crypto people still trust hot wallets that run as fucking browser extensions.

maccard 3y ago
The reality is that relying on a cold storage wallet for security is just too much overhead when it's competing against a biometric scanner to authorisar a transaction that can be reversed with a phone call.
- deleted 3y ago
  [deleted]

csomar 3y ago

I don't know. But if you have $870K in crypto and don't use a hardwallet, I kind of don't feel bad for you.

belltaco 3y ago
To be fair, at Cuban scale that's your hot wallet.
- fbdab103 3y ago
  Crypto aside, I have idly wondered how/where the mega rich keep their money. Is there a money manager effectively controlling a Schwab account with $1+ billion dollars? How do you minimize the blast radius to prevent internal/external loss of control? Even sub-dividing a fortune across N investment managers still leaves enormous targets painted on those accounts. Or is it the more implicit threat that you do not steal from these people or the full weight of the government will aid in recovering these funds?
  - dgacmu 3y ago
    At that level you typically set up what's referred to as a "family office" https://en.m.wikipedia.org/wiki/Family_office https://en.m.wikipedia.org/wiki/Family_office The family office will manage the investment portfolio, typically across not only brokerages and banks but also direct investments / private equity/ vc / etc.
  - SV_BubbleTime 3y ago
    People who aren’t rich usually cannot understand how very little of it is typically liquid. I sold some land, a guy sold me a Ferrari for it. I sold the Ferrari, never even saw it. He just couldn’t be bothered and wanted the land right then.
fbdab103 3y ago
"Look, idiot, if you do not perfectly follow all of this op sec, your money could disappear at literally any moment. In which case, sucks to be you. Oh, and also those crypto exchanges where people leave their money - those also have a good chance of disappearing in the night. Best to keep it under the digital equivalent of your mattress." I will stick with a bank which is regulated to protect my money, and heads will roll if funny business happens.
- uoaei 3y ago
  > heads will roll if funny business happens To be fair, a lot of the crypto hype is predicated, if indirectly, on how few heads roll when (barely quasi-legal) funny business happens through official institutions.
  - RHSeeger 3y ago
    A. "I lost my money while it was in my bank... I got it back, but nobody got in trouble!" B. "I lost my money while it was in crypto... I didn't get it back and nobody got in trouble!" I'm not really sure B sounds like much of an improvement over A.
    - uoaei 3y ago
      I'm not saying they're right, just saying that "regulations will help" won't really be a big selling point for those who already have lost trust in such institutions.
- worksonmine 3y ago
  > I will stick with a bank which is regulated to protect my money, and heads will roll if funny business happens. When did that ever happen? Did even a single head roll for the bullshit with subprime mortgages? Some people get a bonus when the scam is big enough.
  - chrismcb 3y ago
    Well some banks went out of business.
ComputerGuru 3y ago
870k is Cuban dipping his toes with a test account. Everyone has different risk profiles and adversity.