Over a month ago, Matt Furie's @ChainSawNFT collections were exploited and became worthless. Both artist and platform failed to attempt to fix or even acknowledge that this had happened. It looks like Matt's largest collector will now begin legal action.
jagged
jagged4.8. klo 16.18
3/3 In 4 years CHAIN/SAW took in over $25 million, then started ignoring red flags, and kept quiet while the community took the hit. They hired the wrong people, skipped basic checks, ignored security, and let a hack happen—then tried to hide it. That’s not just unethical; it’s potentially criminal concealment. This is the worst case of mismanagement and bad execution combined with wire fraud, deceptive concealment, willful misconduct and willful negligence I’ve seen in over a decade. I wouldn’t wish this experience on anyone, not even my worst enemy. If justice requires legal action or federal involvement, so be it. Bad actors need to be held accountable. CHAIN/SAW LLC continues to avoid responsibility and helped enable fraud by hiring a criminal... now it's time for justice and legal clarity regarding what should happen when businesses attempt to force an undesirable outcome or extort witnesses. Frank 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 in any of this drama, he did the art and that part came out great. But, he is also culpable for deceptive behaviors, like making several key omissions, participating in concealing the cybersecurity incident which allowed people to keep getting hurt for almost 40 days., etc. I will fight for all of you. It's our duty to unite against these types of bad actors and purge them from this space once and for all, even if it means getting the feds involved. Criminals should have their platform removed permanently.. no distribution, no damage. The broader NFT community deserves harmony. I don't want to see anyone else have their lives negatively impacted by these jokers ever again. Or have the feeling like you can't trust anybody at all. Fortunately the consumer protection laws are good in almost every state. Federal law is here to protect you. Any time a business is responsible for an inequitable result caused by injustice, unethical behavior, concealment, or fraud, this type of behavior is generally frowned upon—it's bad juju to invite unnecessary consequences into your life, and you have left everyone with no option other than the nuclear option. I never saw it going like this. Sad to see everything you worked so hard for turn to ash. Feels bad man. You did have a risk disclaimer that warned of the potential risks of NFTs purchased/sold on your site right? Platforms might be liable for failing to warn users of known risks (like hacks, rugpulls, or volatility). Not posting a disclaimer classifies as deceptive omission. If the marketplace failed to implement standard safeguards (like KYC, due diligence, or security) and users got harmed, that could support a negligence claim—disclaimers are part of reasonable duty-of-care. Terms of Service vs. Reality: If the TOS says "we're not responsible" but the platform acted recklessly or misled users, courts may find that disclaimer invalid. Not having a risk disclaimer increases the chance of liability—especially in legal systems that weigh "duty of care" or "reasonable consumer expectations."
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