Suji Yan, the founder of Mask Network, reported that his public cryptocurrency wallet was hacked, resulting in a loss of approximately $4 million.
Incident Details
Mask Network founder Suji Yan announced on February 27 that a hacking incident occurred just hours after his 29th birthday. All stolen transactions were manual transfers lasting over 11 minutes. Yan suggested two potential causes: either his private key was compromised, or the theft occurred through an offline attack while attending a private gathering. He mentioned that he has reached out to cybersecurity experts, including SlowMist and ZachXBT, and is cooperating with law enforcement for ongoing investigation.
Stolen Assets
According to Cyvers, a security platform, the stolen funds included: 113 ETH (over $265,000), 923 WETH, 301 ezETH, 156 weETH, 90 pufET, 48,400 MASK tokens, 50,000 USDT, and 15 swETH. After the hack, the stolen assets were swapped to ETH and dispersed across six wallets. One of the flagged addresses ends in 'df7'.
Rising Cyber Threats in Crypto
The hack of Suji Yan's wallet is part of a growing trend of high-profile Web3 breaches. Cyvers co-founder Meir Dolev commented that this case highlights the increasing sophistication of hackers and the importance of real-time transaction monitoring systems. This incident follows other major hacks in February, including Bybit's $1.4 billion exploitation and Pump.fun's breach. The frequency of such attacks has raised concerns about cybersecurity in the crypto sector and the need for enhanced asset protection strategies.
This hacking incident underscores the need for strengthened cybersecurity measures in the cryptocurrency industry, given the rising activities of cybercriminals.
