Hackers posing as fake IT workers have infiltrated Web3 projects, stealing approximately $1 million in cryptocurrencies over the past week, according to cybersecurity analyst ZackXBT. Various entities were affected, including Favrr, a Web3 fan-token marketplace, and NFT projects such as Replicandy and ChainSaw. The hackers exploited the minting process of the NFTs, leading to the mass minting and selling of NFTs which resulted in the price floor collapsing to zero. Following the incidents, the stolen funds were moved through exchanges and different wallets, although some funds from the ChainSaw hack have remained dormant. This incident shines a light on ongoing security issues in the crypto space, highlighting the challenges posed by malicious actors. Additionally, previous incidents involving North Korean hackers targeting IT firms reveal a growing trend in cybercrimes related to recruitment and social engineering scams within the blockchain industry. Such events underscore the constant threat faced by Web3 and crypto entities, threatening user investments and software development efforts.

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