Matt Furie's NFT collections suffered a significant loss following a hack attack that occurred after a North Korean infiltrator was hired. The attacker gained access to the system through a position in the company's IT department, taking control of the mint contracts to drain NFTs worth hundreds of thousands of dollars.
Similarly, another company called Favrr also became a target of the same group of attackers. Favrr lost $680,000 by mistakenly hiring a hacker for the CTO position and showed serious negligence regarding project security.
Matt Furie, the creator of the Pepe character, was trying to establish his place in the NFT world by partnering with an NFT company called Chainsaw. However, this cyber attack carried out by North Korean hackers severely impacted Furie's projects. The same attackers also harmed Favrr, causing a total loss of around $1 million.
Famous crypto researcher ZachXBT shared details of the attack. It was noted that an insider transferred the mint contract of Furie's NFT collection, Replicandy, at midnight, and thereafter the hackers minted NFTs, bringing the price floor down to zero. The attack spread to three different collections within five days, leading to a total theft of NFTs worth $310,000.
Thanks to the blockchain data trail left by hackers to launder their earnings, ZachXBT found evidence that the attackers were North Korean. It was revealed that the attackers created fake profiles for a BT position to infiltrate the project and were able to easily bypass the security systems.
A few days later, a similar attack occurred at Favrr. The NFT launch platform Favrr became the target of the same North Korean hacker group and lost $680,000. Hiring a fake candidate for the CTO position at Favrr was considered a serious security negligence.
The increasing cyber crimes in the crypto world have reached serious dimensions, especially with attacks from North Korean-linked hackers like the Lazarus Group. However, neither Furie nor Chainsaw made a detailed statement regarding these attacks; Chainsaw issued a brief warning and then removed it, while Furie remained completely silent. Both companies have closed messages on social media platforms. ZachXBT attempted to communicate with the affected parties but was unsuccessful.
These incidents once again highlighted how critical the security vulnerabilities are in crypto and NFT projects.
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