According to a report by the blockchain network security platform Cyvers Alerts, the wallet of Mask Network founder Suji Yan is suspected to have been hacked, with a suspicious address receiving nearly $4 million worth of cryptocurrency from Yan’s wallet. This incident marks the latest case in a series of high-profile cryptocurrency thefts, highlighting the growing security threats in the crypto space.
(Bybit CEO declares war on North Korean hacker group Lazarus, offering a bounty of $140 million to recover stolen funds)
Mask founder robbed of $4 million, suspect may be someone nearby?
According to Cyvers Alerts, on February 27, the platform detected suspicious transactions flowing from an address associated with Suji Yan. An unknown address received approximately $4 million worth of cryptocurrency, primarily consisting of Ethereum (ETH) related tokens.
6 hours ago, I turned 29. About 3 hours ago, one of my public wallets was hacked for $4 million in assets. All the stolen transactions appear to have been manual transfers and lasted over 11 minutes. …https://t.co/9EXNbAwQ6o
— Suji Yan – Mask is BUIDLing (@suji_yan) February 27, 2025
Specifically, the stolen digital assets include:
113 ETH (worth over $265,000 at the time),
923 WETH,
301 ezETH,
156 weETH,
90 pufET,
48,400 MASK,
50,000 USDT,
15 swETH.
After the initial theft, these funds were quickly exchanged for ETH and dispersed to six different wallet addresses. This rapid conversion and dispersal of funds indicate that the hacker attempted to cover the trail of the stolen assets.
Suji Yan later confirmed the incident on social media platform X, admitting that it occurred on his 29th birthday. He stated that the funds were stolen from his public wallet on his mobile phone, and the transaction process lasted over 11 minutes. He speculated that it was manually operated by someone familiar:
“If my private key had not been leaked on my birthday, and the hacker manually transferred the funds, it could have been an offline attack. At the time, I was at a private gathering with a dozen friends, during which my phone was out of my sight for a few minutes, like when I went to the restroom. I trust my friends, but this situation is a nightmare for anyone.”
Yan also clarified that the stolen funds were his personal assets and had no relation to the company, funds, or investors.
Cyvers: Intensifying security challenges in the crypto space
Meir Dolev, co-founder of Cyvers, expressed concern that the swift actions and fund dispersal strategies of the hackers indicate a well-planned attack. With the surge in cryptocurrency hacking incidents at the beginning of 2025, the entire industry requires more robust security measures:
“This incident underscores the increasing sophistication of attackers in the crypto space and highlights the urgent need for real-time transaction monitoring, preventive measures, and rapid incident response.”
This is not an isolated case. Just a few days ago, cryptocurrency exchange Bybit experienced the largest hack in history, amounting to $1.4 billion. The frequency and scale of these attacks have shocked the cryptocurrency community and prompted the industry to reassess security measures.
(Bybit hack incident revealed: Multi-signature wallet Safe front-end was compromised, supply chain attack becomes a new concern)
Suji Yan responds: The crypto industry should not be a dark forest
Suji Yan stated on X that he has sought assistance from the security team SlowMist and on-chain detective ZachXBT for the investigation and is cooperating with law enforcement. He emphasized that he would not speculate on the cause of the incident or make further comments until experts provide more details.
Yan also mentioned that if this was an offline attack, he hopes to confront the attacker face-to-face and calls for the cryptocurrency industry to enhance accountability, stating that this field should not operate like a “dark forest.”
This incident not only caused significant losses for Mask Network founder Suji Yan but also sounded the alarm on cryptocurrency security once again. From Bybit to this latest case, the hacking incidents at the beginning of 2025 have become increasingly rampant, prompting calls within the industry for the adoption of more advanced real-time monitoring tools and preventive strategies to protect this rapidly developing ecosystem.
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