The cybersecurity platform Cyvers detected suspicious fund movements from an account linked to Mask Network's founder, Suji Yan.
Detection and Analysis of Incident
On February 27, Cyvers identified suspicious transactions from addresses connected to Mask Network's founder. These addresses reportedly received approximately $4 million in cryptocurrencies, primarily in Ether-linked tokens. Following the initial compromise, the funds were swapped to ETH and funneled through six different wallet addresses.
Details of Stolen Assets
The stolen digital assets included 113 ETH, 923 WETH, 301 ezETH, 156 weETH, 90 pufET, 48,400 MASK, 50,000 USDt, and 15 swETH, with the total value estimated in the hundreds of thousands of dollars.
Cyberattack Prevention Measures
Meir Dolev, co-founder of Cyvers, pointed out the increasing sophistication of threats in Web3, emphasizing the need for real-time transaction monitoring, preemptive prevention, and rapid incident response.
The incident involving Mask Network's account highlights security challenges in the modern digital space and calls for enhanced industry security measures.
