USDT News: Mask Network Founder Suffers $4 Million Crypto Theft

In a shocking incident, the founder of Mask Network, Suji Yan, reported a major crypto theft on his birthday, involving a steal of $4 million worth of cryptocurrencies. Here’s a detailed summary of the event.

Mask Network Founder Reports $4 Million Crypto Theft

Mask Network founder Suji Yan has reported a $4 million crypto theft on his birthday. Yan stated that his phone was unattended for a few minutes during a private gathering, and the attack stemmed from a private key loss or an offline attack. The attacker manually performed transactions within 11 minutes, proving direct possession of the private key. Cyvers Alerts and ZachXBT traced some of the stolen coins, including ETH, WETH, MASK, and USDT, which were transferred to another wallet and divided into six distinct addresses.

USDT Leads Stablecoin Market with $142.1B Cap

Tether (USDT) leads the stablecoin market with a dominance of 63.42% and a total market capitalization of $142.1 billion. The overall stablecoin market exceeds $228.83 billion, maintaining a 7.98% share across the cryptocurrency market capitalization. USD Coin (USDC) and DAI also have significant participation in the stablecoin market.

USDT Dominates Tron Network with 98.5% Share of Stablecoin Supply

The Tron network’s stablecoin market is dominated by USDT, which accounts for 98.5% of the total stablecoin supply. With a circulating supply of $62.76 billion out of nearly $64 billion in stablecoins on the network, USDT has become the cornerstone of Tron’s stablecoin ecosystem. Competing stablecoins such as USDC, USDD, TUSD, and USDJ hold only marginal shares.