$4M Outflows Detected from Wallet Linked to Mask Network Founder

On February 27, Cyvers detected suspicious outflows from an address linked to Mask Network founder Suji Yan.

According to Cyvers, nearly $4 million worth of cryptocurrency, primarily Ether-linked tokens, was transferred to flagged addresses.

The suspected stolen assets included 113 ETH worth $265,000 at the time, 923 WETH, 301 ezETH, 156 weETH, 90 pufET, 48,400 MASK, 50,000 USDt, and 15 swETH.

Following the initial breach, the funds were converted into ETH and moved through six different wallet addresses, one of which ends in “df7.” Cyvers co-founder Meir Dolev stated:

“This incident highlights the increasing sophistication of threat actors in the Web3 space and emphasizes the urgent need for real-time transaction monitoring, proactive prevention, and rapid incident response.”

Crypto Sector Faces Growing Cybersecurity Threats

Forensic investigations into the Bybit hack suggest it resulted from compromised credentials of a SafeWallet developer, specifically targeting the Bybit team.

According to the Safe team, the exploit did not compromise front-end services or smart contract code. Instead, hackers manipulated the system to execute seemingly legitimate transactions, diverting funds to a separate hardware wallet.

Martin Köppelmann, co-founder of the Gnosis blockchain network, which developed and later spun off Safe, said he could only speculate on how hackers deceived multiple signers from the Bybit team.

Lazarus Group is strongly suspected of being behind the attack, strategically avoiding Safe product users to conceal their methods.

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