MASK price surges 14% following $5m purchase by DWF Labs

Crypto market maker DWF Labs is partnering with Mask Network in a $5 million token deal to push decentralized social media into the mainstream.

Cryptocurrency market maker and investor DWF Labs has invested $5 million in Mask Network, a decentralized social platform bridging web2 and web3, as part of its push to support user-owned internet technologies.

In a Wednesday blog announcement, DWF Labs’ managing partner Andrei Grachev explained that the decision to back Mask Network comes as the project “has consistently demonstrated both vision and execution in this space.” Following the announcement, the price of MASK (MASK) rose 14% to $1.21, according to data from crypto.news price tracking page.

Founded in 2018 by Suji Yan, Mask Network allows users to access web3 features like encrypted messaging, non-fungible tokens, and decentralized finance directly through existing social platforms. Before DWF Labs, the project also secured funding from investors like Animoca Brands, Digital Currency Group, and Longling Capital.

DWF Labs called the deal a “strategic investment,” with Yan adding that the firm is bringing “more than just capital to the table” as it brings “global connectivity, ecosystem depth, and a long-term mindset.”

In late February, Yan revealed that his public wallet was hacked, resulting in the theft of over $4 million in crypto. The attack, which lasted approximately 11 minutes, occurred just hours after his 29th birthday celebration. Yan suspects either a private key leak or an offline attack during the gathering, where his phone was briefly unattended.