Jaggedsoft, creator of the Binance API, is planning to sue over a recent North Korean NFT hack. He’s targeting Matt Furie, creator of Pepe the Frog, and ChainSaw, an NFT platform, which was breached for $1 million in June.
Specifically, he’s alleging that mismanagement and willful negligence enabled the hack, and that the firm did nothing to recoup investor losses afterwards. In effect, this will invoke consumer protection laws in a fraud case.
Pepe’s North Korean NFT Hack
Pepe the Frog is a classic symbol for internet memes and, therefore, prominent in the crypto community, but its creator only joined Web3 recently.
Matt Furie, the artist who first created Pepe 20 years ago, pivoted to NFT creation until disaster struck. North Korean hackers penetrated the project in late June, and a major fan is now planning to sue.
Jaggedsoft, creator of the Binance API, is the largest collector of Matt Furie’s NFT art. However, it seems he’s reached a boiling point.
After the North Korean hack, Furie and ChainSaw were criticized for failing to respond to community concerns. More than a month later, that rage has turned apopleptic. Neither Furie nor ChainSaw has posted on X since before the hack.
Does Jaggedsoft Have a Case?
To be clear, North Korean hackers are extremely dangerous, perpetrating the greatest heist in crypto history this year. However, not all thefts are created equal, and not all hackers are in the Lazarus Group.
A recent exposé found that hiring these infiltrators is an extremely clumsy move, and serious projects frequently sniff out potential attackers.
Jaggedsoft asserted that Furie and ChainSaw combined mismanagement with willful negligence and a botched coverup to create a genuine example of fraud.
He intends to sue on consumer protection grounds, noting that ChainSaw never put a risk disclosure on their platform. Jaggedsoft discussed his intense feelings of disgust and betrayal that led to this:
“[ChainSaw’s founder] said he would fuck my life up if I litigate, but I told him he already did, so I have nothing to lose. I didn’t want to involve Matt [Furie] in any of this drama; he did the art and that part came out great. But, he is also culpable for deceptive behaviors… It’s our duty to unite against these types of bad actors and purge them from this space once and for all,” he said.
So far, he only announced his intention to pursue legal action, but it doesn’t seem like a case has been filed. However, Jaggedsoft already received huge positive feedback from the community.
There are correct ways to respond to massive platform failures and ways that inspire user resentment. At this point, the North Korean hack itself is not the issue.
If ChainSaw had taken more action to assess security failures and reimburse investors, this might’ve been avoided.
The post Pepe Meme Creator Sued For Enabling North Korean NFT Hack appeared first on BeInCrypto.
