Pepe NFT Contracts Hijacked, Losing Over $1 Million
- Major exploit impacts Pepe NFT projects under ChainSaw Studio.
- $1 million drained through smart contract tampering.
- NFT floor prices collapse, affecting collector values significantly.
On June 18, 2025, ChainSaw Studio’s NFT projects associated with Pepe meme creator Matt Furie were hacked, leading to over $1 million in losses.
This event highlights vulnerabilities in NFT smart contracts, impacting investor confidence and leading to a call for enhanced contract security measures.
ChainSaw Studio Under Attack
The recent hacking event targeted ChainSaw Studio’s NFT projects associated with the well-known Pepe meme, created by Matt Furie. Over $1 million was lost due to smart contract hijacking.
ZachXBT , a pseudonymous blockchain investigator, uncovered that the attacker took control of several contracts and effectively drained the collections, exploiting vulnerabilities to mint and dump NFTs.
Impact on the NFT Community
The hack has caused upheaval in the NFT community, crashing the floor prices to near zero and severely impacting collectors who own these once-valuable assets. The stolen funds were primarily in ETH and USDT, which were moved through various exchanges, making recovery challenging without regulatory intervention.
The attack involved tampering with smart contract ownership, allowing the attacker to mint and dump large numbers of NFTs, crashing floor prices to near zero and draining collectors’ value.
source
Calls for Stronger Security Measures
This incident has further fueled discussions about the need for improved security protocols within NFT infrastructures. Experts suggest that such breaches may lead to technological advancements like stronger multisig contracts and increased audits, which could mitigate future risks in this burgeoning market.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Remittix’s RTX Token: A High-Conviction PayFi Disruption with Utility-Driven Tokenomics
- Remittix (RTX) raised $21.7M in presale, securing BitMart listing and targeting $22M for a second CEX. - RTX’s deflationary model burns 10% of fees, creating scarcity and aligning with macroeconomic trends. - RTX disrupts $100B remittance sector with 0.1% fees vs. 5–10% from traditional services, processing $1B+ annually. - Strategic airdrops and 20% referral rewards drive adoption, positioning RTX as a utility-first asset amid shifting altcoin sentiment.
Ethereum’s 6% Surge and the Implications for Altcoin Season 2025
- Ethereum's 6% price dip triggered a 433% surge in staking inflows, with 29.6% of its supply now staked. - Market share rose to 14.57% by August 2025 as Bitcoin's dominance fell to 58%, driven by $23B in Ethereum ETF inflows. - Dencun/Pectra upgrades cut gas fees by 53%, while whale investors added $456M ETH, accelerating capital rotation from Bitcoin. - Institutional adoption of RWAs and staking infrastructure, plus EIP-1559's deflationary model, position Ethereum to potentially overtake Bitcoin's market
XRP Ledger's Role in Enterprise-Grade Supply Chain Innovation in China
- XRP Ledger partners with China's Linklogis to tokenize trade assets, enabling 3–5 second settlements and slashing cross-border costs. - Platform processed RMB 20.7B in 2024, leveraging XRPL's $0.0001+ fees vs. 5–10% traditional banking charges. - RWA tokenization hit $305.8M in August 2025, with 500% transaction throughput growth, proving blockchain's enterprise scalability. - Strategic adoption by listed fintech firm validates XRPL's stability, positioning it as a regulated market infrastructure solutio
Telegram's XLM Integration: A Catalyst for Stellar's Mass Adoption and Undervalued Utility Play?
- Telegram's 2025 XLM integration taps 100M+ users, leveraging Stellar's fast, low-cost cross-border transactions to address global financial gaps. - Strategic alignment with high-inflation regions and PayPal's PYUSD integration in July 2025 boosted XLM by 5%, while Protocol 23 upgrades aim to scale DeFi and RWA adoption. - XLM's 2024 daily transactions hit 5M+, with Eastern Europe's 40% DeFi growth and Asia's 502.84% price surge highlighting regional utility potential. - Risks include weak price-user corr
Trending news
MoreCrypto prices
More
