A set of NFT collections tied to Matt Furie, creators of Pepe Meme and creators of Chainsaw Studio strike By a series of contract hijacking That was connected Stolen over $1 million. The attackers controlled the mint contract, reduced revenue, issued new tokens, wiped out value, and surprised collectors. Many fans were shocked to see Pepe Creator’s NFT project targeted by attackers with deep access to the mint function.
Theft was not a one-off hit. It is developed in stages across multiple days and collections, suggesting a deeper understanding of how careful planning and projects are structured. The fact that the attackers gained control from within the contract level has sparked serious concerns across the NFT community.
How the attack unfolded
It began early on June 18th when the Replicandy Mint contract, part of the chainsaw ecosystem, was taken over. Ownership was quietly transferred to the new address. It gave the attacker complete control. They empty the Mint Fund, resumed the contract and created a new token. These were pushed out quickly and flooded the market crash price.
1/Multiple projects tied to Matt Hooly & Chainsaw, creator of Pepe, and another project FAVRR, were stolen last week, resulting in a million dollar theft
My analysis links both attacks to the same cluster of DPRK IT workers who are likely to have been mistakenly hired as developers. pic.twitter.com/85jrm5klqo
– Zachxbt (@zachxbt) June 27, 2025
A few days later, the same playbook was used in the other three chainsaw connection collections: Pepplicator, Hetz, and Zoag. The total emissions at that time were estimated to be above $300,000, but the pursuit showed that it did not stop. The attackers moved the stolen funds to various wallets and cashed out via MEXC exchanges.
On-chain researchers, including ZachxBT, tied the activity to wallets that interacted with previous contract exploits. Their analysis Showed The process wasn’t like that just It’s opportunistic but systematic.
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There is doubt about freelance code employment
Things changed even further when investigators discovered a GitHub profile that appears to be based in the US but was linked to a developer who used tools and settings related to North Korea. VPN data and local preferences raised the red flag. The doubt is that some of the contract access may have come From developers hired through open platforms, full Review process.
Another similar incident, a new NFT project called Favrr lost $680,000 under nearly identical conditions. Their CTO disappeared, and the funds from the attack followed the same washing patterns. This encourages concern as people believe that multiple projects may have been compromised through the same outsourcing channel.
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Aftermath and silence
The FAVRR team has announced that it will refund users and conduct a full review of the contract architecture. Chainsaw and Matt Furie take a different approach. They shut down public chat channel, contact form deleted, left collector deleted If anything, what should you guess? Intention I’ll do it.
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Floor prices for the affected collections have collapsed. Some owners want a recovery plan, while others have begun to amortize tokens as a complete loss.
What you’re talking about NFT security
This incident highlights a bigger problem in the NFT space. Too many projects Depend About external developers right Security check. Mint Contracts are a powerful tool. Once someone accesses, they can change rules, unlock funds, and create or destroy value in a few minutes.
Now, collectors are asking more questions before diving into the new drop. Who manages the contract? How is the code reviewed? what Kindness Security teeth In place?
Without a clear answer, this may not be the last time the entire community will see its assets disappear overnight.
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Key takeout
The hackers stole over $1 million from the Pepe NFT project by hijacking smart contracts tied to Chainsaw Studio and Matt Furie.
The attack created multiple collections, drainage funds and new tokens, crashing floor prices across projects like Pepplicators and Hets.
Evidence suggests that the violations were brought through freelance developers, with suspicious ties with North Korea and poor internal security practices.
The associated exploits followed the same laundry path, sparking a fear of wider vulnerability, and were hit with the Favrr NFT project for $680,000.
This highlights the increased risk of the NFT space. The project team will allow the project team to access Mint level permissions without adequate protection.
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