Fake IT insiders behind $1M in crypto losses across NFT protocols — ZackXBT

Hackers and threat actors continue to infiltrate companies, blockchain projects and Web3 firms by exploiting remote work arrangements.

Hackers posing as legitimate information technology (IT) workers who have infiltrated Web3 projects have stolen roughly $1 million in crypto during the past week, according to onchain investigator and cybersecurity analyst ZackXBT.

Several entities were impacted including Favrr, a Web3 fan-token marketplace, non-fungible token (NFT) projects Replicandy and ChainSaw, along with other teams the onchain sleuth did not name in his Friday X post.

The hackers exploited the minting mechanism for the NFT projects, minting mass quantities of NFTs, selling them, and causing the price floor to drop to zero while they extracted profit, ZackXBT said.

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