The Pepe project and ChainSaw were attacked, with losses exceeding 1 million USD
On June 27, according to information from the on-chain verification source ZachXBT, the Pepe project along with the related creations of Matt Furie and the ChainSaw platform such as Replicandy and Peplicator became the target of an attack in mid-June. Notably, the suspects were identified as a North Korean IT personnel group that was mistakenly hired. They took control of the smart contract for minting and trading related NFTs. As a result, the NFT floor price was pushed down to zero, causing significant losses for the community.
Scale of damage and asset flow
The estimated total damage exceeds 1 million USD, with projects associated with ChainSaw losing around 310 K USD. The attacked cryptocurrency assets were quickly transferred to several major exchanges, notably MEXC. This incident not only damages the project's reputation but also leaves users bewildered about the safety of their cryptocurrency assets amid increasingly sophisticated and difficult-to-control security vulnerabilities.
Lessons from the attack and warnings for the cryptocurrency community
This incident further underscores the importance of thoroughly assessing technological security resources in the development of smart contracts and NFT minting protocols. The development chain must not be easily compromised by highly skilled attackers, especially when it involves IT personnel from high-risk areas. Market participants must enhance awareness, update security processes, and thoroughly manage private key storage to protect their assets from complex cyberattacks.
This also raises questions about the next steps for the Pepe project and ChainSaw to regain trust and stabilize market value. Caution in collaboration and management of cryptocurrency platforms is a vital factor that determines sustainable development in the future.
Source: https://tintucbitcoin.com/du-an-nft-pepe-nghi-bi-tan-cong/
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