Mask Founder's Wallet Hacked: $4M in Crypto Stolen

Suspicious outflows detected from wallet linked to Mask Network founder

On February 27, onchain cybersecurity platform Cyvers detected unusual outflows from a cryptocurrency wallet associated with Suji Yan, the founder of Mask Network. The platform flagged the addresses, which received approximately $4 million in cryptocurrencies, primarily in Ether (ETH)-linked tokens.

The compromised digital assets included 113 ETH, valued at over $265,000 at the time of this writing, 923 WETH, 301 ezETH, 156 weETH, 90 pufET, 48,400 MASK, 50,000 USDt (USDT), and 15 swETH. Following the initial compromise, the funds were swapped to ETH and funneled through six different wallet addresses, with one of the offending wallets ending in “df7.”

Meir Dolev, co-founder of Cyvers, commented on the incident, stating, “This incident underscores the increasing sophistication of threat actors in the Web3 space and highlights the urgent need for real-time transaction monitoring, preemptive prevention, and rapid incident response.”

This cybersecurity incident is part of a recent trend of high-profile hacks and exploits, including the $1.4 billion Bybit hack on February 21 and the Pump.fun social media hack on February 26. As the crypto industry continues to grow, so does the need for robust security measures to protect users and their assets.