Suji Yan, the founder of Mask Network, has fallen victim to a significant crypto hack, losing approximately $4 million worth of digital assets.
The breach was first detected by Cyvers Alerts, an AI-powered cybersecurity system, which flagged multiple suspicious transactions linked to Yan’s wallet.
Among the stolen assets were 113 ETH, 923 WETH, 301 ezETH, 156 weETH, 90 pufET, 48,400 MASK tokens, 50,000 USDT, and 15 swETH.
The attacker swiftly converted the stolen funds into Ethereum (ETH) and distributed them across six separate addresses, making recovery efforts challenging.
The incident has sparked renewed concerns within the crypto industry regarding wallet security and the vulnerabilities of storing assets in publicly known addresses.
Cybersecurity Experts Investigate Potential Private Key Leak
Following the attack, prominent blockchain investigator ZachXBT and cybersecurity firm SlowMist were brought in to assist with the investigation.
Suji Yan has also reached out to authorities and security agencies to trace the hacker and determine the cause of the breach.
Early analysis suggests that the transactions were executed manually over an 11-minute window, raising suspicions of either a leaked private key or an offline attack.
The timing of the hack—on Yan’s 29th birthday during a private gathering—has fueled speculation about the possibility of an inside job.
Experts are now analyzing whether malware, social engineering, or physical access to Yan’s device played a role in the attack.
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Yan Calls for Stronger Crypto Security as Community Reacts
In the aftermath of the hack, Suji Yan expressed his frustration on the X platform, calling for stronger security measures in the crypto space.
He described the attack as a “nightmare” and emphasized that the industry must work towards making digital assets safer.
Yan also revealed that his phone was left unattended for a few minutes during the gathering, raising concerns that an offline exploit may have been used to compromise his wallet.
The incident has sparked widespread discussions among crypto enthusiasts and security professionals, with many calling for improved private key management, hardware wallet adoption, and stricter authentication protocols.
Despite the setback, Yan remains determined to pursue the hacker and raise awareness about the need for enhanced security measures.
Crypto Hacks on the Rise, Raising Investor Concerns
Yan’s hack is just one of several major security breaches in the crypto industry in recent months. Dubai-based crypto exchange Bybit recently suffered a $1.44 billion ETH hack, marking the largest crypto hack ever recorded, though customer funds remained intact.
Decentralized lending platform zkLend was also exploited for over $9 million, leading the company to offer a 10% bounty to the hacker for returning the funds.
Additionally, Infini’s smart contract was breached, resulting in a $49 million theft, with officials pledging full reimbursement to affected users.
These incidents highlight the persistent security risks in the digital asset space, reinforcing the urgent need for stronger protections, including multi-signature authentication, improved fraud detection, and enhanced regulatory oversight.
Also Read: Crypto Wallet TokenPocket Investigates Hack That Stole User Assets, Partners With SlowMist & GoPlus For Security