Jun 2025 - Favrr Market Insider Technical Issue During DEX Listing - $Unknown (Global)
Favrr Marketplace is a dynamic and gamified platform where users can buy, trade, and hold digital assets called FAVEs, which represent popular people, places, trends, and even foods. Positioned as the “Fandom Exchange,” Favrr allows users to financially engage with their passions as if they were stocks, using a unique trading mechanism based on cultural and social relevance rather than traditional financial metrics.
The core experience begins with the Initial Fan Offering (IFO)—Favrr’s version of an IPO—where users can claim FAVEs before they are open to public trading. Once the IFO ends, these FAVEs can be traded using FAV points, the platform's utility currency. This setup encourages strategic trading similar to a stock market, with the goal of growing one’s FAV portfolio and outperforming other users. Assets range from real-life figures like Elon Musk or Marie Curie to pop culture icons, cities, animals, and trending concepts like “Unicorns” or “Pizza.”
Favrr emphasizes active participation through gamified elements like the Boardroom Challenge, where users act like shareholders by taking positions and competing to outperform the market. FAVEs are implemented as NFTs, ensuring digital ownership, but they are explicitly labeled as non-securities, with value driven purely by user interest and demand.
Favrr Market unfortunately accidentally hired a North Korean worker for their CTO.
Favrr ITW 1
0x17087f92d16049e9097413b4964663b754c1e43d
Favrr ITW 2
0x641279133f6f560c3f512b8e2d286ae2c53c31ee
The Favrr CTO Alex Hong has a background which appears suspicious and is likely one of the two DPRK ITWs hired.
His LinkedIn was very recently deleted.
I also reached out to a project he supposedly worked at but could not verify his work history.
ZachXBT reports a total combined with ChainSaw of $1m USD.
Favrr posted a notice on their Twitter/X.
The situation is still ongoing.
There haven't been any updated from the team yet.
Investigation is likely to continue.
Further Analysis
More Cryptocurrency Exchange Hacks/Scams/Frauds
PANews Airdrop Twitter/X Account Hacked > > < < Resupply Finance Vaults Classic ERC4626 Donation Disaster
Sources/Further Reading
Favrr - "The Favrr team and its investors have taken cognisance of a technical issue during $FAVRR’s DEX listing on Wednesday, June 25. While investigations are ongoing, we want to outline the immediate next steps for the Favrr community" - Twitter/X (Dec 31)
Favrr Market Homepage (Dec 31)
Favrr - "The Favrr team and its investors have taken cognisance of a technical issue during $FAVRR’s DEX listing on Wednesday, June 25. While investigations are ongoing, we want to outline the immediate next steps for the Favrr community" - Twitter/X (Dec 31)
ZachXBT - "Multiple projects tied to Pepe creator Matt Furie & ChainSaw as well as another project Favrr were exploited in the past week which resulted in ~$1M stolen. My analysis links both attacks to the same cluster of DPRK IT workers who were likely accidentally hired as developers." - Twitter/X (Dec 31)
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