tl;dr
Jaggedsoft, creator of the Binance API and largest collector of Matt Furie’s NFT art, plans to sue Matt Furie and NFT platform ChainSaw following a $1 million hack by North Korean actors in June. The lawsuit alleges mismanagement and negligence, accusing them of failing to protect investors, not add...
Jaggedsoft, the creator of the Binance API and largest collector of Matt Furie’s NFT art, plans to sue Matt Furie and the NFT platform ChainSaw following a $1 million hack by North Korean actors in June. The lawsuit alleges mismanagement and willful negligence by Furie and ChainSaw, accusing them of failing to protect investors and not attempting to recoup losses, invoking consumer protection laws under a fraud claim.
Pepe the Frog, a widely known internet meme created by Matt Furie two decades ago, recently entered the Web3 space through NFTs. However, the project suffered a major setback when North Korean hackers compromised ChainSaw’s platform. Despite intense community concern, Furie and ChainSaw remained silent publicly, not addressing the breach for over a month, which fueled frustration from collectors like Jaggedsoft.
While North Korean hacking groups are notoriously dangerous—often linked with the largest crypto thefts—Jaggedsoft asserts this incident stems from internal errors and negligence rather than purely external threats. He claims Furie and ChainSaw’s failure to disclose platform risks and manage security properly amounts to fraud, and publicly condemned their silence and inadequate responses.
Jaggedsoft shared his motivation, expressing betrayal and determination to hold parties accountable, emphasizing the need for community vigilance to eliminate bad actors in crypto space. Although legal proceedings have not yet commenced, the announcement received significant support within the crypto community, highlighting that proactive transparency and investor protection are critical after such breaches. The core issue is less the hack itself and more the inadequate response and failure to protect or compensate affected users.