Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesBotsEarnCopy
Mask Network CEO loses $4M in crypto hack

Mask Network CEO loses $4M in crypto hack

GrafaGrafa2025/02/28 07:00
By:Isaac Francis

Mask Network (CRYPTO:MASK) CEO Suji Yan's personal crypto wallet was hacked, resulting in the theft of over $4 million in digital assets.

The incident occurred on February 27, 2025, Yan's 29th birthday.

The stolen funds, including Ether (CRYPTO:ETH), WETH, MASK, and USDT (CRYPTO:USDT), were transferred to a new address before being swapped for approximately 1,700 ETH and dispersed across six wallets.

Yan suspects a private key leak or an offline attack during a private gathering where his phone was briefly unattended.

"I was in a private gathering with dozen friends and my phone was away for some minutes when I using the restroom etc," Yan tweeted.

On-chain data from Cyvers Alerts and ZachXBT revealed the suspicious outflows.

The stolen digital assets included 113 ETH, 923 WETH, 301 ezETH, 156 weETH, 90 pufET, 48,400 MASK, 50,000 USDT, and 15 swETH.

Following the compromise, the funds were swapped to ETH and funneled through six different wallet addresses.

Yan has enlisted security firms SlowMist and ZachXBT to assist with the investigation and is cooperating with authorities.

He has contacted on-chain investigators to blacklist the addresses and potentially recover the funds.

"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," said Meir Dolev, co-founder of Cyvers.

The Mask Network aims to connect Web2 services and social media with Web3 features.

Yan's Web3 project, Mask Network, was not directly affected by the hack.

After the attack, MASK tokens traded with limited changes at $2.14.

At the time of reporting, the Mask Network (MASK) price was $2.21.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Trump administration walks back tariff ‘exemption’ on electronics

Trump says he’s “flexible” on electronic tariffs, and that more developments are “coming up”

Blockworks2025/04/14 23:45

Charles Hoskinson Weighs in: Is Bitcoin Surging to $250K?

Unpacking Charles Hoskinson's Bold Bitcoin Prediction in Light of Current Market Trends

Coineagle2025/04/14 23:44
Charles Hoskinson Weighs in: Is Bitcoin Surging to $250K?

Market Insights: Short-Term Recovery Signals for BONK, ALCH, and Bitcoin

In Brief Analyst Pseudonym identifies recovery signals in BONK, ALCH, and Bitcoin. Short-term trading strategies recommended for cautious positions. Increasing interest in meme tokens amid market volatility.

Cointurk2025/04/14 22:00
Market Insights: Short-Term Recovery Signals for BONK, ALCH, and Bitcoin

Ethereum Price Fluctuations Ignite Technical Analysis and Strategic Forecasts

In Brief Ethereum's price fluctuations shift focus to technical indicators among market players. Analysts signal potential recovery and long-term growth opportunities for Ethereum. Competition from networks like Solana raises challenges for Ethereum's market position.

Cointurk2025/04/14 22:00
Ethereum Price Fluctuations Ignite Technical Analysis and Strategic Forecasts