Matt Furie NFTs Crater 97% After Mint Exploit

Artist Matt Furie, the creator of the Pepe the Frog meme, launched another NFT collection on June 17. However, the contract was exploited on Thursday, allowing the attacker to mint and sell thousands of NFTs, destroying the collection’s floor price.

The ‘Replicandy’ collection traded as high as 0.08 ETH ($210) until someone minted an additional 6,000 NFTs at $2 per token. These new mints were immediately up more than 100x, and the fresh supply was unloaded into liquid bids on NFT platforms.

The exploit resulted in the Replicandy floor price cratering 97% from 0.08 ETH to 0.0025 ETH in just one hour.

Furie has launched five different NFT collections, the most notable being the Hedz profile picture collection, which trades at 1.16 ETH ($2,800) per NFT.

Despite previous successes, this is not the first time one of Furie’s NFT collections has gone awry, which 0xQuit, the VP of Blockchain at Yuga Labs, was quick to point out.

Chain/Saw, the entity that has incubated Furie’s previous launches, as well as Replicandy, addressed the issue on X, saying, “Replicandy was targeted and exploited by a known party. The contract was compromised, and our team is actively pursuing all appropriate channels to address it. We appreciate your patience and will share more soon.”