Mask Network, a platform focused on building decentralized social infrastructure, enjoyed a hugely impressive 14% jump in its MASK token. This increase came after a recent major $5 million investment from crypto market maker DWF Labs. The price increased to $1.21 following the public announcement of the partnership.
Founded in 2018 by Suji Yan, Mask Network allows users to access Web3 features, including encrypted messaging, non-fungible tokens (NFTs), and decentralized finance (DeFi), directly through existing social media platforms. Their collaboration with DWF Labs will bring further support and resources to speed up the adoption of decentralized social media.
The company decided to back Mask Network because the project:
"has consistently demonstrated both vision and execution in this space." - Andrei Grachev
The partnership arrives during a tough time for Mask Network’s founder, Suji Yan. In late February by means of a smart contract exploit, Yan’s public wallet got hacked, leading to over $4 million in lost cryptocurrency. The shooting took place about 11 minutes after his 29th birthday party and in front of several family members.
Yan thinks the attack occurred due to a private key leakage. He suspects it may have been from an offline deal that was struck when his phone was momentarily left unattended during the meeting. Even with this great disappointment under their belts, Mask Network is undeterred in the pursuit of their mission.
Mask Network creates a new, decentralized social infrastructure. It allows them to access decentralized finance and non-fungible tokens via their preferred social channels.
DWF Labs is a global crypto market maker and multi-stage web3 investment firm. Their U.S. office is outnumbered by offices in Singapore, Switzerland, Dubai, South Korea, and the British Virgin Islands.
