ChainSaw Studios NFTs Hacked Losses Exceed $1 Million

On June 18, 2025, ChainSaw Studio's NFT projects, which are associated with the Pepe meme creator Matt Furie, were compromised, resulting in losses exceeding $1 million. The hackers exploited vulnerabilities in the smart contracts, allowing them to mint and dump large quantities of NFTs, which in turn caused the floor prices to plummet to nearly zero. This event has had a significant impact on the NFT community, particularly on collectors who owned these once valuable assets. The stolen funds, primarily in ETH and USDT, were transferred through various exchanges, making recovery efforts challenging without regulatory intervention.

The attack involved tampering with the ownership of smart contracts, enabling the hackers to mint and dump a substantial number of NFTs. This action not only drained the collections but also severely impacted the value of the assets held by collectors. The incident has sparked discussions within the NFT community about the need for enhanced security measures to prevent similar breaches in the future. Experts suggest that stronger multisig contracts and increased audits could help mitigate the risks associated with smart contract vulnerabilities.

This incident highlights the broader vulnerabilities within the Web3 ecosystem and underscores the importance of thorough vetting processes in the hiring of IT personnel, especially in the decentralized finance space. The hackers' sophisticated scheme involved hijacking smart contracts, draining collections, and causing substantial financial damage. The incident serves as a stark reminder of the need for enhanced security measures and vigilance in the rapidly evolving world of digital assets. The attack has further fueled discussions about the need for improved security protocols within NFT infrastructures, with experts suggesting that such breaches may lead to technological advancements like stronger multisig contracts and increased audits, which could mitigate future risks in this burgeoning market.