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NFT Theft: Fake Insiders Posing As IT ‘Experts’ Rack Up $1 Million–ZackXBT

Press Releases Crypto News Bitcoinist NFT Theft: Fake Insiders Posing As IT ‘Experts’ Rack Up $1 Million–ZackXBT

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NFT projects lost roughly $1 million in crypto over the past week when hackers posed as IT staff and struck at the heart of minting systems. The breach hit fan-token marketplace Favrr and Web3 initiatives Replicandy and ChainSaw, among others.

According to onchain investigator and cybersecurity analyst ZackXBT, the attackers pushed out mass batches of NFTs, drove floor prices to zero, then cashed in their haul before teams could react.

NFT: Hackers Slip Into Web3 Teams

Based on reports, the group quietly joined development squads under false identities. They gained insider access to minting contracts. Then they minted thousands of tokens and NFTs in moments.

The sudden flood crushed floor prices and let the thieves grab hot cash in minutes. It all unfolded in under a week, and about $1 million vanished from these projects’ treasuries.

1/ Multiple projects tied to Pepe creator Matt Furie & ChainSaw as well as another project Favrr were exploited in the past week which resulted in ~$1M stolen

My analysis links both attacks to the same cluster of DPRK IT workers who were likely accidentally hired as developers. pic.twitter.com/85JRm5kLQO

— ZachXBT (@zachxbt) June 27, 2025

Mass Minting Drops Prices

Favrr suffered one of the biggest hits. The thieves dumped tokens so fast the market couldn’t catch up. Replicandy and ChainSaw saw similar moves. At Replicandy, floor values hit zero almost instantly.

ChainSaw’s stolen crypto still sits inactive in wallets, waiting for launderers to stir it back into exchanges. ZackXBT poi

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Author: Christian Encila

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