Mask Network founder Suji Yan's account has fallen victim to a hack, as per a report by Cyvers. The hackers managed to transfer nearly $4 million in digital assets to a suspicious address before promptly converting the funds to ETH and dispersing them among a total of six different addresses.
This cyber attack has hit Mask Network's native token, MASK, which has already seen a decline of almost 50% over the last three months, potentially further impacting its value.
The breach was orchestrated with a diverse array of tokens involved. The suspicious address received 113 ETH, 923 WETH, 301 ezETH, 156 weETH, 90 pufET, 48,400 MASK, 50,000 USDT, and 15 swETH.
Cyvers' reports paint a picture of a swift operation on the part of the hackers. After acquiring the substantial sum of nearly $4 million in various cryptocurrencies, the stolen assets were promptly converted into ETH.
The subsequent dispersal of ETH to six distinct addresses was likely a strategic move aimed at masking the flow of money and complicating efforts to track the funds.
Meir Dolev, Co-founder & CTO at Cyvers, stated, “Our system detected a suspicious $4 million transfer associated with Suji Yan's address, the founder of Mask Network. The assets were quickly converted to ETH and distributed across multiple addresses, indicating a coordinated attempt at money laundering. This incident underscores the growing sophistication of threats in the Web3 space, stressing the immediate need for real-time transaction monitoring, proactive security measures, and rapid incident response," as reported by BeInCrypto.
Although Mask Network has yet to release an official statement regarding the breach, founder Suji Yan acknowledged the hack on his social media platforms. Yan speculated that the breach likely occurred at his birthday celebration and left clues that point to a potential offline attack while he was briefly away from his phone during the event.
Yan shared, "Six hours ago, I turned 29. About three hours ago, $4 million was stolen from one of my public wallets. All transactions appear to have been manually conducted, lasting over 11 minutes. My private keys might have been compromised during my birthday, or this could have been an offline attack. I was at a private party with friends, and my phone was momentarily unattended, like when I stepped out for a moment. The ordeal has been a nightmare for me," as posted on X (formerly Twitter).
The incidence of crypto hacks and scams has seen a significant rise in the early months of 2025. Just last week, North Korea's Lazarus Group executed the largest crypto hack in history with the Bybit attack.
Furthermore, an unsettling trend has emerged where many high-profile social media accounts are being repeatedly compromised to promote fraudulent meme coins. This latest breach is part of the disturbing pattern that continues to plague the cryptocurrency industry.