Over the past week, the Web3 industry has experienced several incidents related to cybercrime. Hackers posing as legitimate IT workers managed to steal nearly $1 million in cryptocurrency.
How the Theft Occurred
The hackers exploited vulnerabilities in the minting mechanism of NFT projects by minting large quantities of tokens, which they then sold. This caused the price of these tokens to plummet to zero, allowing the perpetrators to extract profit.
Details of the Attacks on Projects
Affected projects included the fan-token marketplace Favrr, as well as NFT projects like Replicandy and ChainSaw. According to ZackXBT, the hackers transferred the stolen funds through various wallets and exchanges after the attacks.
Long-term Consequences
Such attacks continue to threaten the security of the cryptocurrency industry, undermining software development efforts and leading to financial losses for users.
The thefts in Web3 serve as a reminder of the importance of security in the crypto industry and the need for protection against threats from malign actors.
