Milady NFT faces a $1M setback as developer exploits funds.

Milady NFT Faces a $1M Setback as Developer Exploits Funds.

Milady Maker NFT project has been hit by a significant exploit. This breach has not only impacted the platform’s commission fees but also compromised several of its social media accounts.

Charlotte Fang, the co-founder of the Milady Maker NFT collection, revealed the unsettling news on September 11th. She disclosed that a developer within the Milady ecosystem had successfully diverted approximately $1 million in fees generated for the Remilia Corporation.

For those unfamiliar, Remilia Corporation functions as the decentralized autonomous organization (DAO) backing the Milady Maker NFT.

The exploit didn’t stop at the financial aspect. The malefactor also managed to gain control over the project’s codebase. In a coordinated effort with other team members, the attacker attempted to hijack Remilia’s social media presence.

As a result, three X accounts, including Milady Maker, Remilionaire, and Remiliacorp, were compromised. Fang has since advised the community to treat these accounts as compromised and has provided new official accounts for followers.

The Aftermath and Response:

While the financial implications of the exploit are evident, the Milady Maker team has been quick to assure its community.

Fang emphasized that while the revenue from Bonkler, an experimental finance project initiated in April 2023, was at risk, the main contracts, NFTs, and Bonkler reserves remain untouched. She further stressed that user assets are entirely safe, and Remilia’s reserves have not been affected.

In response to the exploit, the team has identified the individuals involved. Fang expressed a firm resolve to pursue legal action against the culprits.

She stated, “We expect all our properties to be returned. I cannot turn a blind eye to such evil, and individuals involved in the incident have been severed from Remilia Corporation. Legal actions will now be taken for our rights.”

A Look Back at Milady’s Journey:

Launched in 2021, Milady Maker gained significant traction in the NFT space. Comprising 10,000 anime profile picture NFTs designed by Fang, the collection witnessed a surge in popularity in May 2023.

This spike can be attributed to Tesla CEO Elon Musk, who shared a meme featuring imagery from the Milady NFT collection. Following Musk’s endorsement, the base price of a Milady NFT skyrocketed from 3.8 Ethereum to a staggering 7.8 ETH.

However, post-exploit, the project has seen a decline. Data from OpenSea indicates that the base price of a Milady NFT currently stands at 2.86 Ethereum, marking a roughly 15% decrease within a span of 24 hours.

Conclusion:

The Milady Maker exploit serves as a stark reminder of the vulnerabilities inherent in the rapidly evolving NFT space. While the project’s team is taking steps to address the breach and ensure the safety of its community, the incident underscores the need for heightened security measures and vigilance in the world of digital assets.

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Ashkan

Ashkan

Ashkan is a digital visionary exploring NFTs, Metaverse, Crypto, and the art of content. 🌐✍️ Join Ashkan on an exhilarating journey through blockchain-backed art, transformative cryptocurrencies, and captivating storytelling, he is leaving an indelible mark on the NFT Giant community. 🚀✨

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