Suspicious outflows detected from wallet linked to Mask Network founder

Cybersecurity Platform Detects Suspicious Transactions on Mask Network Founder’s Address

Cybers Identifies Large-Scale Hack

Cyvers, an onchain cybersecurity platform, has detected suspicious outflows from an address linked to Mask Network founder Suji Yan on February 27. The platform’s analysis indicates that other flagged addresses received approximately $4 million in cryptocurrencies, mainly in Ether (ETH)-linked tokens.

Details of the Hack

According to Cyvers, the digital assets suspected to have been stolen include:

• 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)
• 15 swETH

The compromised transaction flow is illustrated in the following diagram:

Compromised Transaction Flow

[Image description: A diagram showing the transaction flow from the compromised address to six different wallet addresses, with one ending in "df7"]

Co-Founder’s Statement

Meir Dolev, co-founder of Cyvers, commented, "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."

Recent High-Profile Hacks and Exploits

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

Crypto Industry Rocked by Sophisticated Hacking Techniques

Forensic investigations into the recent Bybit hack reveal that the exploit occurred due to the compromised credentials of a SafeWallet developer and targeted the Bybit team. The hackers used the compromised system to attack the user interface, sending seemingly legitimate transactions to Bybit and then diverting the funds from the malicious transactions to a different hardware wallet.

SafeWallet Statement

A statement released by the Safe team explains that the exploit did not affect any of the code for its front-end services or its smart contracts. Instead, the hackers used the compromised system to attack the user interface, sending seemingly legitimate transactions to Bybit and then diverting the funds from the malicious transactions to a different hardware wallet.

Gnosis Blockchain Network Co-Founder’s Statement

Martin Köppelmann, co-founder of the Gnosis blockchain network, which developed and spun off Safe, speculated that the hackers used the exploit to trick multiple signers from the Bybit team. He noted that the Lazarus Group, believed to be behind the attack, likely avoided attacking other accounts using Safe products to avoid detection and give away their tactics.

Conclusion

The recent spate of high-profile hacks and exploits in the crypto industry highlights the need for robust cybersecurity measures and real-time transaction monitoring. As the Web3 space continues to evolve, it is crucial for developers and users to prioritize security and take proactive steps to prevent attacks.

FAQs

Q: What is Cyvers?
A: Cyvers is an onchain cybersecurity platform that detects and prevents malicious activities in the Web3 space.

Q: What is the purpose of the Cyvers Alert system?
A: The Cyvers Alert system is designed to provide real-time monitoring and alert users to potential security threats and suspicious transactions.

Q: What is the impact of the recent Bybit hack?
A: The Bybit hack resulted in a loss of approximately $1.4 billion in cryptocurrencies, highlighting the need for robust security measures in the crypto industry.

Q: What is the Lazarus Group’s role in the recent hacks and exploits?
A: The Lazarus Group is believed to be behind several recent high-profile hacks and exploits, including the Bybit hack, and is known for its sophisticated tactics and ability to evade detection.