Hackers disguised as IT professionals have infiltrated Web3 projects and stolen cryptocurrency worth approximately $1 million (about 1.39 billion won) over the past week. According to the analysis of on-chain analyst and cybersecurity expert ZackXBT, they exploited the Non-Fungible Token (NFT) minting function to create tokens on a large scale, disrupt the market, and generate profits.
The affected projects include the fan token marketplace 'Favrr', Non-Fungible Token projects 'Replicandy' and 'ChainSaw'. While additional affected projects exist, their exact names have not been disclosed. ZackXBT shared the details on X (formerly Twitter) on the 14th (local time) to raise awareness.
The key point of this attack lies in exploiting vulnerabilities in the NFT minting system. After accessing the projects posing as technicians, the hackers indiscriminately generated Non-Fungible Tokens and flooded the market. This caused the minimum price of Non-Fungible Tokens to plummet, and the hackers quickly disposed of them to pocket substantial cryptocurrency.
Similar small-scale attacks were previously detected in a Non-Fungible Token project featuring Trump, raising concerns across the entire Web3 ecosystem. Experts pointed out that "such insider disguise attacks can pose a threat beyond simple phishing, and human security management is as important as code auditing".
As Web3 projects expanding into Non-Fungible Tokens and fan tokens increase, security threats are becoming more complex and diverse, demanding thorough identity verification and strengthened security protocols from project teams.
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