Suji Yan, the founder of Mask Network, has fallen victim to a major cryptocurrency hack, with losses estimated at $4 million. The breach occurred on February 27, 2025, and involved the theft of various digital assets from Yan’s wallet.
The attack was first detected by Cyvers, an Onchain cybersecurity platform, which flagged suspicious outflows from an address associated with Yan. According to Cyvers, the stolen funds included a mix of tokens, such as 113 Ether (ETH), 923 Wrapped Ether (WETH), 301 ezETH, 156 weETH, 90 pufET, 48,400 MASK tokens, 50,000 Tether (USDT), and 15 swETH.
Following the hack, the stolen funds were converted into Ethereum, then split across six different wallet addresses. One of these addresses, ending in “df7,” was used to obscure the trail and complicate efforts to recover the funds.
Yan addressed the breach publicly, revealing that it occurred on the same day as his 29th birthday celebration. He suggested the possibility of an offline attack, speculating that the breach might have taken place when his phone was left unattended during the event.
In response to the attack, Yan has reached out to blockchain security firm SlowMist and on-chain analyst ZachXBT for assistance in tracking the stolen funds. He is also collaborating with law enforcement agencies but has withheld further comments pending the completion of the investigation.
This hack adds to the growing list of significant security breaches in the cryptocurrency space. Notably, the North Korean hacker group Lazarus was implicated in a massive attack on the Bybit exchange, which resulted in a $1.5 billion loss. These incidents underscore the increasing sophistication of cyber threats within the Web3 ecosystem, calling for more robust security measures, real-time transaction monitoring, and faster incident response to protect digital assets.
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