On June 18, 2025, a hacker attack on ChainSaw Studio's NFT projects associated with the Pepe meme caused over $1 million in losses.
Attack on ChainSaw Studio
The recent attack targeted NFT projects of ChainSaw Studio related to the famous Pepe meme, created by Matt Furie, resulting in over $1 million lost due to smart contract hijacking. The hacker exploited vulnerabilities to manipulate contracts, allowing them to drain collections.
Impact on the NFT Community
The hack significantly impacted the NFT community, crashing token prices to near zero and negatively affecting collectors who once possessed valuable assets. The stolen funds were primarily held in ETH and USDT and moved through various exchanges, making recovery difficult without regulatory intervention.
Call for Stronger Security Measures
This incident has further raised concerns about the need for improved security protocols within NFT infrastructures. Experts suggest that such breaches could lead to technological advancements like stronger multisig contracts and more frequent audits, which could reduce future risks in this emerging market.
The attack on Pepe NFT projects highlights the importance of securing smart contracts. The discussion of new security measures is becoming increasingly relevant to prevent similar incidents in the future.
