A set of NFT collections tied to Matt Furie, the creator of the Pepe meme, and the ChainSaw studio have been hit by a string of contract hijacks that led to greater than $1 million being stolen. Attackers took management of mint contracts, drained income, and issued new tokens, wiping out worth and leaving collectors surprised. Many followers have been shocked to see the Pepe creator’s NFT initiatives focused by attackers with deep entry to mint features.
The theft wasn’t a one-time hit. It unfolded in phases, throughout a number of days and a number of collections, suggesting cautious planning and a deep understanding of how the initiatives have been structured. The truth that the attackers gained management from contained in the contract stage has triggered critical considerations throughout the NFT group.
How the Assault Performed Out
It started within the early hours of June 18 when the Replicandy mint contract, a part of ChainSaw’s ecosystem, was taken over. Possession was quietly transferred to a brand new handle. That gave the attacker full management. They emptied the mint funds after which reopened the contract to create new tokens. These have been pushed out quickly, flooding the market and crashing costs.
1/ A number of initiatives tied to Pepe creator Matt Furie & ChainSaw in addition to one other undertaking Favrr have been exploited up to now week which resulted in ~$1M stolen
My evaluation hyperlinks each assaults to the identical cluster of DPRK IT staff who have been seemingly by accident employed as builders. pic.twitter.com/85JRm5kLQO
— ZachXBT (@zachxbt) June 27, 2025
Simply days later, the identical playbook was used on three different ChainSaw-connected collections: Peplicator, Hedz, and Zogz. The full worth drained was estimated at over $300,000 at that time, however monitoring confirmed it didn’t cease there. The attacker moved the stolen funds by means of totally different wallets earlier than cashing out by means of the MEXC trade, all whereas staying a number of steps forward of observers.
On-chain researchers, together with ZachXBT, tied the exercise to wallets that had interacted with earlier contract exploits. Their evaluation confirmed the method was not simply opportunistic however systematic.
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Suspicion Falls on Freelance Code Hires
Issues took one other flip when investigators uncovered GitHub profiles linked to builders who gave the impression to be primarily based within the U.S. however have been utilizing instruments and settings related to North Korea. VPN knowledge and regional preferences raised purple flags. The suspicion is that a number of the contract entry might have come from builders employed by means of open platforms, given management over delicate techniques with no full vetting course of.
In a separate however related incident, a more moderen NFT undertaking referred to as Favrr misplaced $680,000 underneath nearly similar circumstances. Their CTO vanished, and funds from the assault adopted the identical laundering sample. This has fueled concern as a result of folks imagine a number of initiatives might have been compromised by means of the identical outsourcing channels.
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Aftermath and Silence
The Favrr group introduced they’d refund customers and conduct a full assessment of their contract structure. ChainSaw and Matt Furie have taken a distinct strategy. They shut down public chat channels, eliminated contact kinds, and left collectors guessing what, if something, will be completed.
The ground costs of affected collections have collapsed. Whereas some homeowners are hoping for a restoration plan, others have began writing off the tokens as a complete loss.
What It Says About NFT Safety
This incident highlights a much bigger drawback within the NFT house. Too many initiatives rely on exterior builders with out the precise safety checks. Mint contracts are highly effective instruments. As soon as somebody will get entry, they will change the foundations, unlock funds, and create or destroy worth in minutes.
Now, collectors are asking extra questions earlier than leaping into new drops. Who controls the contracts? How is code reviewed? What variety of safety is in place?
With out clear solutions, this might not be the final time a whole group watches its belongings vanish in a single day.
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Key Takeaways
Hackers stole over $1 million from Pepe NFT initiatives by hijacking good contracts tied to ChainSaw studio and Matt Furie.
The assaults focused a number of collections, draining funds and minting new tokens to crash ground costs throughout initiatives like Peplicator and Hedz.
Proof suggests the breach got here by means of freelance builders, with suspicious ties to North Korea and poor inner safety practices.
A associated exploit hit the Favrr NFT undertaking for $680,000, following the identical laundering path, elevating fears of a broader vulnerability.
This highlights a rising threat within the NFT house, the place undertaking groups give unvetted contractors entry to mint-level permissions with out enough safeguards.
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