Blockchain security analyst ZachXBT has reported that recently hackers disguised as internal IT department employees infiltrated Web3 projects and stole approximately $1 million in cryptocurrency over the past week.
The affected include the Web3 fan token platform Favrr, the NFT project Replicandy, and ChainSaw, as well as other teams not disclosed by ZachXBT.
According to ZachXBT, the hackers profited by exploiting the minting mechanisms of the aforementioned NFT projects to generate NFTs in bulk and sell them off, causing the floor price to plummet to zero.
After the theft, the criminals transferred the stolen funds through multiple exchanges and wallets. ZachXBT noted that a large portion of the funds related to ChainSaw "has not yet been utilized," while the stolen cryptocurrency from Favrr has been moved to multi-layer intermediary services.
The phenomenon of malware developers infiltrating cryptocurrency and blockchain projects is not uncommon, continuously causing user asset losses and posing significant challenges to global development teams.
In November 2024, cybersecurity researchers discovered a hacker organization named "Ruby Sleet" (linked to the North Korean government) had infiltrated U.S. aerospace and defense contractors.
Researchers also found that this cybercrime group had expanded its attack targets to IT companies, infiltrating enterprises through impersonating internal employees, orchestrating fake recruitment activities, and employing social engineering attacks.
Cryptocurrency exchange Coinbase disclosed in May 2025 that it had suffered a data breach and was extorted.
External hackers bribed several outsourced Coinbase customer service personnel, stealing a large amount of customer account data and using it to extort ransom from the exchange.
According to Latham and Watkins law firm, this data breach affected approximately 69,461 Coinbase users, involving sensitive information such as personal addresses and phone numbers.
Related: South Korea suspends central bank digital currency (CBDC) testing, banks spark stablecoin craze.
Original text: “Hackers Impersonate IT Insiders to Infiltrate NFT Projects, Leading to Over $1 Million in Cryptocurrency Losses”
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