Suspicious outflows detected from wallet linked to Mask Network founder

Onchain cybersecurity platform Cyvers detected suspicious outflows on Feb. 27 from an address linked to Mask Network founder Suji Yan.

According to Cyvers, other flagged addresses received about $4 million in cryptocurrencies, primarily in Ether (ETH)-linked tokens.

The digital assets suspected to have been stolen included 113 ETH, valued at over $265,000 at the time of writing, 923 WETH, 301 ezETH, 156 weETH, 90 pufET, 48,400 MASK, 50,000 USDt (USDT) and 15 swETH.

Tracing the compromised transaction flow. Source: Cyvers Alerts

Following the initial compromise, the funds were then swapped to ETH and funneled through six different wallet addresses, with one of the offending wallets ending in “df7.” Meir Dolev, co-founder of Cyvers, told Cointelegraph:

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

This incident is the latest in a string of recent high-profile hacks and exploits, including the $1.4 billion Bybit hack on Feb. 21 and the Pump.fun social media hack on Feb. 26.

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This is a developing story, and further information will be added as it becomes available.