Recent investigations show that several meme token projects may be compromised due to connections to North Korean hackers.
Links Between Meme Tokens and Hacker Attacks
Studies indicate that meme tokens have become vulnerable to attacks from North Korean hackers. Recently, several projects were compromised, resulting in losses of up to $1 million. However, the effect seems primarily limited to newer tokens.
Notable Projects Under Threat
Some of the attacked projects are linked to cartoonist Matt Furie, creator of the iconic Pepe image. Analysis by ZachXBT revealed that the attacks affected NFT collections, including ChainSaw and Favvr. 'Approximately $1 million was stolen as a result of the attacks,' states ZachXBT.
Methods Used by Hackers in the Market
Attacks also involved minting new NFTs on several projects, causing floor prices to drop. ZachXBT traced some wallets used to profiles of blockchain developers suspected of connections to the North Korean regime. Some hackers formed teams using old social media accounts to secure jobs as blockchain developers.
The efforts of North Korean hackers in the meme token space highlight the importance of security in the crypto industry. Continuous monitoring and analysis may aid in protecting against potential threats.
