Recent reports indicate that a wallet associated with Suji Yan, the founder of Mask Network, has been compromised, resulting in suspicious outflows amounting to nearly $4 million in cryptocurrency. On February 27, the cybersecurity platform Cyvers detected these unusual transactions, which involved the transfer of various Ether-linked tokens.
The compromised funds included significant amounts: 113 Ether valued over $265,000, 923 WETH, 301 ezETH, 156 weETH, 90 pufET, 48,400 MASK tokens, 50,000 USDt, and 15 swETH. Following the breach, the digital assets were converted to Ether and disseminated across six different wallet addresses, one of which is identified by the ending “df7.”
Meir Dolev, co-founder of Cyvers, emphasized that this incident reflects the increasing sophistication of cybercriminals targeting the Web3 space. He highlighted the essential need for real-time transaction monitoring and rapid response to prevent such breaches.
This hack is part of a series of recent high-profile cyberattacks, which include a $1.4 billion breach of the Bybit platform on February 21 and a social media hack on thePump.fun on February 26. As this situation develops, more information is expected to emerge, shedding light on the extent and implications of these security lapses in the cryptocurrency realm.
