A recent tweet from prominent Web3 figure Drew Austin has ignited further discussion regarding the handling of NFT projects associated with Matt Furie, creator of Pepe the Frog, and ChainSawNFT. Austin's critique centers on what he describes as significant disappointments, specifically citing the Hedz project, and alleging that Furie has "shit on all his supporters" through poor communication and project management.
The widespread collector dissatisfaction appears to stem from a series of smart contract hijacks that impacted multiple NFT collections linked to Matt Furie and ChainSaw studio, including Hedz and Peplicator. Reports indicate that these attacks led to over $1 million being stolen, with hackers gaining control of mint contracts, draining funds, and issuing new tokens, which drastically reduced floor prices and left collectors in disarray.
Adding to the frustration, ChainSaw and Matt Furie have reportedly responded to the incidents by shutting down public chat channels and removing contact forms, leaving affected collectors without clear guidance or a recovery plan. Drew Austin directly addressed this, stating, "This is so easily resolved with bare minimum communication. Blows my mind how people handle things so poorly."
The Hedz collection, consisting of 1,000 unique hand-drawn NFTs by Matt Furie on the Ethereum blockchain, was initially touted as an accessible way for collectors to acquire art in Furie's distinctive style. However, the recent security breaches and subsequent silence from the creators have severely impacted its standing and collector trust. This incident is not the first time Furie's NFT ventures have faced scrutiny; he was previously involved in a lawsuit concerning the alleged duplication of a "one-of-a-kind" Pepe NFT.
Austin suggested that using a platform like TransientLabs for drops could have prevented the issues, implying that the choice of an "amateur group" was made to "pocket extra money," potentially compromising security. He contrasted this with the successful execution of Killeracid's "No Bad Trippers" project, highlighting a perceived best practice in the industry. The ongoing sentiment among affected collectors, as noted by Austin, indicates that they are unlikely to "forget and move on" without a resolution.