In a concerning development for the cryptocurrency community, Suji Yan, founder of Mask Network, reportedly suffered a loss exceeding $4 million due to a wallet hack. The incident has raised alarms about the security of digital assets and the vulnerabilities associated with personal cryptocurrency wallets.
Details of the Incident
The breach occurred on February 27, 2025, coinciding with Yan's 29th birthday. During a private gathering, Yan's phone was briefly unattended, leading to suspicions of an offline attack. Over an 11-minute span, unauthorized transactions were executed, draining significant assets from his wallet.
The stolen assets encompassed a variety of cryptocurrencies, including:
- 113 ETH
- 923 WETH
- 301 ezETH
- 156 weETH
- 48,400 MASK tokens
- 50,000 USDT
- 15 swETH
These assets were swiftly converted to Ethereum and distributed across multiple wallets.
Response and Investigation
Yan has engaged blockchain security firms and is collaborating with authorities to investigate the breach. He emphasized the need for accountability within the crypto space, urging the perpetrator to come forward.
Following the hack, Mask Network's token experienced a 7% decline, trading at approximately $2.23. This incident adds pressure to the token, which had already seen a 50% decrease over the past three months.
This incident underscores the critical importance of sound cybersecurity measures in the management of cryptocurrency assets. As such, individuals and organizations must remain vigilant against increasingly sophisticated threats.
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