21.06.2025 11:58

Matt Furie's latest NFT collection, Replicandy, experienced a catastrophic 97% price drop following a significant exploit. The dramatic plummet stemmed from a malicious actor exploiting a vulnerability in the collection's smart contract.

Thousands of additional NFTs were unexpectedly minted and immediately dumped onto the market, flooding the available supply. This influx of new tokens, minted at a price point of $2 each, caused a rapid and substantial devaluation. Prior to the exploit, Replicandy NFTs had traded at a high of 0.08 ETH ($210), a price that was swiftly erased.

The sudden surge in supply resulted in a devastating price crash within a single hour, plummeting the floor price from a high of 0.08 ETH to a mere 0.0025 ETH. This represents a staggering loss of value for early investors. The newly minted NFTs were sold at over 100 times their minting price, taking advantage of the existing demand before the market reacted.

This unfortunate incident isn't Furie's first foray into the volatile NFT market. He has previously released four other NFT collections, notably the successful Hedz profile picture collection currently trading at 1.16 ETH ($2,800) per piece. However, this exploit highlights the inherent risks associated with the relatively nascent NFT ecosystem.

Chain/Saw, the incubator behind Furie's NFT projects, including Replicandy, acknowledged the attack on X (formerly Twitter). They confirmed that the contract was compromised and a known party was responsible, promising to pursue the matter and provide further updates. This incident underscores the ongoing security challenges facing the NFT space, as highlighted by 0xQuit, Yuga Labs' VP of Blockchain, who noted the event’s implications for the broader NFT market. Information regarding this event was sourced from various internet sources.