Crypto Heist: Hackers Steal $1 Million from Major Blockchain Projects
Cybersecurity Breach: $1 Million in Crypto Stolen from Web3 Projects
Overview of the Incident
Recent reports indicate that hackers masquerading as legitimate IT professionals have successfully breached various Web3 projects, resulting in the theft of approximately $1 million in cryptocurrency over the past week. This alarming revelation comes from on-chain investigator and cybersecurity expert ZackXBT.
Affected Entities
Among the projects targeted were Favrr, a marketplace for fan tokens in the Web3 space, as well as NFT initiatives like Replicandy and ChainSaw. Additional teams were also compromised, although their identities have not been disclosed in ZackXBT’s latest update on social media.
Exploitation Tactics
The cybercriminals took advantage of the minting processes associated with these NFT projects. By minting large quantities of NFTs, they were able to sell them off quickly, which led to a drastic decline in the price floor, ultimately allowing them to extract profits before the value plummeted.
Movement of Stolen Funds
Following the thefts, the perpetrators moved the stolen assets through various exchanges and multiple wallets to obscure their tracks. ZackXBT noted that while the funds from the ChainSaw incident remain largely inactive, the cryptocurrency taken from Favrr has been funneled into nested services.
Ongoing Threats in the Crypto Space
The infiltration of blockchain and cryptocurrency projects by malicious developers continues to pose significant risks, leading to financial losses for users and jeopardizing the integrity of development teams across the globe.
Broader Security Concerns
Inside Threats to Companies
In a related context, cybersecurity experts uncovered a group of hackers linked to the North Korean regime, known as “Ruby Sleet,” who infiltrated U.S. aerospace and defense contractors in late 2024. This group has also expanded its focus to include IT firms, employing deceptive recruitment tactics and social engineering scams to exploit vulnerabilities.
Data Breach at Coinbase
In May 2025, Coinbase experienced a significant data breach followed by an extortion attempt. External attackers bribed customer service contractors to obtain sensitive account information from numerous clients, which was then used to threaten the exchange for ransom. The breach reportedly affected around 69,461 users, compromising personal details such as addresses and phone numbers.
Conclusion
The ongoing challenges posed by cyber threats in the cryptocurrency sector highlight the urgent need for enhanced security measures. As hackers continue to evolve their tactics, both companies and users must remain vigilant to protect their assets and personal information.
