Yet Another Hack:  $4 Million Worth Fun Siphoned Out Of Mask Network Founder’s Wallet

Just a few days back, Bybit was hit by one of the biggest crypto thefts in the market’s history. Allegedly, a North Korean group called the Lazarus Group stole 1.45 billion USD worth of ETH and used a third-party swapping platform to turn them into BTC. This shocked the world and exposed the weak spots in the security of the digital asset industry. In a similar event, a hacker managed to drain more than $4 million from the public crypto wallet of Mask Networks founder Suji Yan.  

Yet Another Hack 

Reports say that Suji Yan went to a party where they kept their phone briefly unattended. This could be the window the hacker used to access the wallet. On social media, Yan posted, “I was in a private gathering with [a] dozen friends, and my phone was away for some minutes when using the restroom.” He added, “I trust my friends but this is a nightmare to anyone.” 

The aftermath of the hack was truly horrible. Reports from CoinMarketCap suggest that as soon as the news of the hack spread, the share price of Mask Network fell to $2.23. This marks a 7% drop in share price in just 24 hours. This shows the magnitude of the hack. 

The market is already on a bearish slump and such news of hacks and breaches is like fueling the fire. Chainanalysis commented on the matter saying, “Crypto crime isn’t just growing — it’s fundamentally transforming… What once revolved primarily around cybercrime has expanded into a vast, sophisticated illicit economy deeply intertwined with national security, geopolitical conflicts, and transnational criminal enterprises engaged in drug, human, and wildlife trafficking, as well as violent crime.” 

Hence, it is high time that regulatory bodies also revise the security checks to make the crypto landscape more secure for investors and holders.