Launched in June 2019 by computer scientist and MIT professor Silvio Micali, Algorand aims to provide the foundation for businesses in a decentralized economy. It uses a unique Proof-of-Stake mechanism to enable complete decentralization with top security and scaling while achieving near-instant finality, i.e., processing over 1,000 transactions per second (TPS) and achieving transaction finality in less than five seconds. Interested in Algorand (ALGO), but not sure what it’s all about? Read on to learn everything you need to know about the project, how to buy Algorand, and much more.Īlgorand is a decentralized open-source network built to solve the problem of achieving scalability, security, and decentralization in one blockchain network. It leverages a two-tiered structure and a unique variation of the Proof-of-Stake (PoS) consensus mechanism to provide immediate transaction finality. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.Algorand is an open-source, decentralized blockchain network with a native cryptocurrency, ALGO, combining traditional and decentralized finance. However, his views have changed since, and he has spoken in favor of cryptocurrencies, especially Bitcoin (BTC), Ethereum (ETH), and non-fungible tokens.ĭisclaimer: This article is provided for informational purposes only. Cuban had famously stated that he would rather have a banana than Bitcoin. He has also had a turbulent relationship with the crypto space. This occurred after an algorithmic stablecoin project called Iron Finance collapsed. In June 2021, the billionaire investor lost an unspecified amount of capital to a rug pull. This is not the first time Cuban has suffered losses in the crypto market. Or even a multi-sig with two people he trusts.” “He may have signed something he shouldn’t have, anyways such a big amount should have been held in his cold wallet and not on MetaMask. However, others stated that his private keys may have been compromised, given that the funds were directly transferred out of his wallet. Most seemed to suggest that the billionaire investor may have mistakenly signed off on a malicious transaction. Many stated that contrary to hackers watching Cuban’s activity, Cuban may have done something that led to the security breach. The crypto community was quick to speculate how the hack occurred, given Cuban had not shared too many details about it. He added that he may have downloaded a fake version of MetaMask with something malicious, suggesting he may have become the latest in the crypto space to fall victim to a phishing attack.Ĭuban also added that he had transferred his remaining assets to Coinbase Custody, confirming it was he who moved the $2 million worth of USDC. Mark Cuban confirmed the hack a few hours later, stating that he had gone on MetaMask for the first time in months, suggesting that the hacker or hackers may have been waiting for an opportunity to make their move. Still possible he was drained on ETH and saved his Matic bags.” Cuban Confirms Hack “Address on Matic was a Coinbase deposit address End of an era, But the address on ETH swapped all USDC for $ETH so it’s a very different behavior. Additionally, the hacker also dumped ETH and MATIC after making a deposit on Coinbase. To complicate matters, a further $2 million worth of USDC was withdrawn from the wallet, called “Mark Cuban 2,” was withdrawn and sent to another wallet. These included USD Coin (USDC), Tether (USDT), and Lido Staked Ether (stETH). The transaction history on Etherscan showed that the hacker suddenly withdrew several batches of assets within minutes. “Did Mark Cuban’s wallet just get drained? Wallet inactive for 160 days, and all assets just moved.” The blockchain investigator flagged suspicious activity after he noted that one of Cuban’s hot wallets, which had been inactive for months, suddenly had all its assets moved. The hack was first spotted by Wazz, an independent blockchain investigator, on the 15th of September at around 8 pm UTC. Billionaire investor, TV personality, and owner of the Dallas Mavericks, Mark Cuban, had one of his crypto wallets hacked, with the attacker siphoning off nearly $900,000 worth of crypto.Ĭuban confirmed the hack on Friday but added that he doesn’t know how the hacker managed to gain access to his hot wallet.
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