NFT Projects Lose $1 Million in Crypto to Fake IT ’Experts’

Hackers posing as IT specialists infiltrated several NFT projects last week, siphoning off approximately $1 million in cryptocurrency. The targets included fan-token marketplace Favrr and Web3 initiatives Replicandy and ChainSaw. According to onchain investigator ZackXBT, the attackers exploited minting systems by flooding the market with NFTs, driving floor prices to NEAR zero, and cashing out before teams could intervene.

The breach unfolded with alarming speed. The hackers allegedly joined development teams under false identities, gained access to minting contracts, and executed mass NFT dumps within minutes. Favrr suffered significant losses as token prices collapsed under the sudden supply surge. Replicandy and ChainSaw experienced similar attacks, with floor values plummeting to zero in some cases.

ZackXBT's analysis suggests the attacks may be linked to a cluster of DPRK IT workers inadvertently hired by the projects. The incident underscores the vulnerabilities in Web3 security protocols, particularly around insider access and contract management.