According to a report by blockchain cybersecurity platform Cyvers Alerts, the wallet of Mask Network founder Suji Yan was allegedly hacked. A suspicious address received nearly $4 million worth of cryptocurrency from Yan’s wallet, marking the latest case in a series of high-profile cryptocurrency thefts. This incident highlights the growing security threats in the crypto space.
Mask Founder Loses $4 Million: Is the Culprit Someone Close?
Cyvers Alerts reported that on February 27, the platform detected suspicious transactions originating from an address associated with Suji Yan. An unknown address received approximately $4 million worth of cryptocurrency, primarily Ethereum (ETH)-related tokens.
Specifically, the stolen digital assets included:
- 113 ETH (worth over $265,000 at the time)
- 923 WETH
- 301 ezETH
- 156 weETH
- 90 pufETH
- 48,400 MASK
- 50,000 USDT
- 15 swETH
Following the initial theft, the funds were quickly converted into ETH and dispersed across six different wallet addresses. This rapid conversion and dispersion of funds suggest that the hacker attempted to obscure the money trail.
Suji Yan later confirmed the incident on social media platform X, revealing that it happened on his 29th birthday. He stated that the funds were stolen from his mobile wallet, which he carried with him, and the transaction process lasted over 11 minutes. He speculated that it was a manual operation by someone with malicious intent:
“If it wasn’t that my private key was leaked on my birthday, and the hacker manually transferred the funds, then it could have been an offline attack. At the time, I was at a private gathering with a dozen friends, and my phone was out of my sight for a few minutes, such as when I went to the restroom. I trust my friends, but this situation is a nightmare for anyone.”
Yan also clarified that the funds were his personal assets and had no connection to the company, funds, or investors.
Cyvers: Growing Cybersecurity Challenges in the Crypto Space
Meir Dolev, co-founder of Cyvers, expressed concern that the hacker’s swift actions and fund dispersion strategy indicate a well-planned attack. With the surge in cryptocurrency hacking incidents in early 2025, the industry needs stronger security measures:
“This incident underscores the increasing sophistication of cyber attackers in the crypto space and emphasizes the urgent need for real-time transaction monitoring, preventive measures, and rapid incident response.”
This is not an isolated case. Just days ago, cryptocurrency exchange Bybit suffered its largest-ever hack, losing $1.4 billion. These frequent and large-scale attacks have shocked the cryptocurrency community and prompted the industry to reevaluate its security measures.
Suji Yan’s Response: The Crypto Industry Should Not Be a “Dark Forest”
On X, Suji Yan stated that he has sought assistance from cybersecurity team SlowMist and on-chain detective ZachXBT to investigate the incident. He is also collaborating with law enforcement. He emphasized that he would not speculate further on the cause of the incident or comment further until experts provide more details.
Yan also mentioned that if this was an offline attack, he hopes to confront the attacker face-to-face. He called for greater accountability in the cryptocurrency industry, stating that the field should not operate like a “dark forest.”
This incident not only resulted in significant losses for Mask Network founder Suji Yan but also served as another wake-up call for cryptocurrency security. From the Bybit hack to this latest case, the surge in hacking incidents in early 2025 has become increasingly rampant. The industry is calling for more advanced real-time monitoring tools and preventive strategies to protect this rapidly evolving ecosystem.
