Web3 Founder Loses $4 Million in Crypto Hack: Security Breach Exposes Wallet Vulnerabilities

Sudji Yan, Mask Founder, Suffers $4 Million Crypto Loss in Security Breach

Sudji Yan, the founder of the Web3 browser extension Mask, has been the victim of a significant security breach, leading to the loss of $4 million in cryptocurrencies. The attack targeted a public wallet on his mobile device, executing rapidly within an 11-minute window while he was away. The stolen assets included ETH, USDT, WETH, and MASK tokens, which were quickly transferred across multiple addresses, predominantly converted into Ethereum, and subsequently redistributed.

Investigation Underway

Yan suspects a potential private key leak and is also exploring the possibility of an offline attack. To track the movement of the misappropriated funds, he has engaged leading security firms SlowMist and ZachXBT. He is also collaborating with law enforcement agencies as they investigate the breach.

Wider Implications for the Crypto Industry

In contrast to some high-profile hacking incidents, such as the recent Bybit case, Yan suggests this breach was not caused by malware. However, the event adds to the growing unease within the crypto community, which is already grappling with numerous security issues. Market confidence remains shaky, and Bitcoin is struggling to recover its upward trajectory.

Industry Leaders Advocate for Stronger Security Measures

The crypto community is increasingly calling for the implementation of more secure protocols and increased vigilance. The attack on Yan highlights the ongoing vulnerabilities within the cryptocurrency ecosystem, particularly regarding the security of personal wallets and devices, as cyberattacks targeting high-profile individuals and organizations become more frequent.