On February 27, 2025, Suji Yan, founder of the decentralized social protocol Mast Network, revealed that his public wallet has been hacked. This hack resulted in a theft of over $4 million worth crypto. Ironically, the attack occurred hours after Yan celebrated his 29th birthday.
What all was Stolen?
The stolen funds, which included ETH, WETH, MASK tokens, and USDT, were manually transferred over an 11-minute period. Blockchain analytics indicate that the assets were immediately converted into Ethereum (ETH) and distributed across six different wallets.
On-chain monitoring platforms such as Cyvers Alerts flagged the suspicious transactions and identified the hacker’s address.
Was the Private Key Leaked?
According to Yan, this breach could have been through a private key leak or an offline attack. He noted that his phone was briefly unattended during a private gathering with his friends, raising concerns about potential physical access to his device.
Despite this, Yan expressed trust in his friends and has described the incident as a “nightmare.”
Mask Network’s Founder Suji Yan has Contacted Top Cybersecurity Experts
In response to the hack, Yan has contacted top cybersecurity experts, which includes SlowMist and ZachXBT, to investigate the breach. He is also cooperating with law enforcement agencies to trace the stolen funds and identify those responsible.
Yan emphasized that the stolen assets were personal and unrelated to Mask Network or any of its projects. He urged the crypto community to avoid any speculations until investigations are complete.
In a statement on social media, Yan reaffirmed that he is committed to ensuring that the crypto space remains secure and transparent.
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