27.06.2025 21:45

Matt Furie, the creator of the popular Pepe the Frog cartoon, suffered a significant financial setback when several NFT collections he partnered with were targeted in a massive hack. The culprit? A North Korean national, inadvertently hired for an IT position.

This incident, meticulously detailed by crypto sleuth ZachXBT on internet sources, highlights a concerning trend: the increasing sophistication and reach of North Korean cybercriminal activity. The hack involved the transfer of mint contracts, a process that enabled the malicious actor to flood the market with newly minted NFTs, driving their value to zero. This resulted in approximately $310,000 in losses across multiple NFT collections, highlighting the vulnerability of NFT projects to insider threats.

The attack leveraged a common tactic: the creation of a false profile to secure an IT role. This deception allowed the hacker to easily bypass security protocols, showcasing a critical lapse in due diligence. The perpetrator, identified by ZachXBT's blockchain analysis as part of a larger North Korean hacking group, laundered their profits, leaving a trail that ultimately exposed their activities.

Adding to the severity of this situation, a similar attack, orchestrated by the same group, targeted Favrr, an NFT launch platform. This hack resulted in an even greater loss of $680,000, further underscoring the devastating financial consequences of inadequate security measures and the ease with which sophisticated social engineering tactics can compromise projects. The Favrr incident particularly emphasizes the potential for significant damage when key positions, such as the Chief Technology Officer, are filled by individuals without proper vetting. Both incidents serve as stark warnings regarding the importance of rigorous security protocols and thorough background checks for all personnel within the NFT space.