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

Nike Faces $5M Lawsuit Over RTFKT NFT Shutdown

Nike sued for $5M after RTFKT’s shutdown, with NFT buyers citing heavy financial losses.Nike Hit with $5M Lawsuit Following RTFKT ShutdownNFT Buyers Cite Heavy Losses and Broken PromisesBroader Impact on the NFT Market

Coinomedia2025/04/28 00:00
Nike Faces $5M Lawsuit Over RTFKT NFT Shutdown

BlockDAG Resets to $0.0025 & Launches Buyer Battles as Solana Sees ETF Boosts & NEAR Faces Growing Downside Risks

Check out the 2025 price forecast for Near Protocol (NEAR), Solana (SOL), and BlockDAG. See how BlockDAG’s $0.0025 presale price rollback is opening new doors among top crypto coins to watch.NEAR Protocol’s 2025 Forecast: Tough Road AheadSolana’s Institutional Momentum Could Reshape Its 2025 OutlookBlockDAG Resets Presale Price & Launches Buyer Battles to Energize BuyersNew Windows Are Opening, but Timing Is Key

Coinomedia2025/04/28 00:00
BlockDAG Resets to $0.0025 & Launches Buyer Battles as Solana Sees ETF Boosts & NEAR Faces Growing Downside Risks

Whale Buys 30K ETH and 600 BTC via Wintermute OTC

A whale acquires 30K ETH and 600 BTC through Wintermute OTC, transferring over $111M in USDC today.Details of the TransactionWhat It Means for the Market

Coinomedia2025/04/28 00:00
Whale Buys 30K ETH and 600 BTC via Wintermute OTC

Unstaked Enters Stage 2 with a Price Surging to $0.006695 as Cronos Eyes $0.12 and Aptos Aims for $13

Explore Aptos (APT) price prediction of $13, Cronos aiming for $0.12, and why Unstaked’s $0.006695 presale could offer 27x ROI as the best long-term crypto play.Why Unstaked’s Presale Could Be the Benchmark for 2025Aptos Builds Bullish Momentum: Updated Aptos Price PredictionCronos Price Clears Key Resistance, Eyes Bigger GainsWhy Unstaked May Outperform APT and CRO

Coinomedia2025/04/28 00:00
Unstaked Enters Stage 2 with a Price Surging to $0.006695 as Cronos Eyes $0.12 and Aptos Aims for $13