Table of Contents
The much-hyped Milady NFT project has fallen victim to an exploit in which a developer siphoned off $1 million of fees and absconded.
Developer Absconds With $1M
In early May, Milady NFTs gained significant attention following a tweet from Elon Musk. The project's trading volume soared, and its community grew. However, recent developments have cast a shadow over the NFT and its investors.
NFT analyst Tyler D has reported a troubling incident within the Milady ecosystem. A developer allegedly absconded with approximately $1 million in fees intended for the project. This rogue developer also targeted and compromised the Twitter accounts of Milady and Remilio Baby, which is a popular NFT collection available on the Milady platform, as well as the Remilia account.
The co-founder of Remilia Corporation, the entity behind the Milady collection, who goes by the pseudonym Charlotte Fang, addressed the situation by tweeting on X. Fang confirmed that the developer had diverted $1 million in fees generated by Remilia. She reassured the community that the Bonkler reserves, main contract, and NFTs remained secure.
In response to the incident, Fang temporarily halted Bonkler's daily minting process but outlined plans for a future upgrade. She emphasized the safety of all Remilia NFTs, metadata, and domains.
The rogue developer also attempted to gain control of the project's social media accounts and demanded a significant portion of their treasury. However, swift identification led to the promise of legal action against them.
Securing the Community
The team addressed the matter of the compromised social media accounts by creating new official handles and accounts to keep the users apprised of all updates.
Fang reiterated that Remilia's reserves remained unaffected, and assets remained secure. The co-founder expressed unwavering determination to pursue those responsible through legal means, highlighting the harm done to their team and the community that had faith in their vision. Fang wrote,
“Needless to say those who threatened the blessed kingdom of Remilia for mere financial gain will face a dramatic and just retribution without sympathy…This was violence not simply on my team, but on my world and my people…For such viciousness, I can give no quarter—the individuals involved have been terminated from Remilia Corporation, and will now be dealt with through the heavy hand of the law.”
The individuals involved have been removed from Remilia Corporation, and legal proceedings are underway, with a link to the lawsuit provided in the replies.
NFT Sector Impact
At the time of reporting, the floor price of Milady Maker had plummeted by 12.1% within the last 24 hours. A substantial sell-off of the collection was witnessed, with sales surging by 333.9%. The NFT sector as a whole also faced challenges, with daily volume on various exchanges like Open Sea and Blur experiencing significant declines.
It also affected other blue-chip NFT collections, with Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) seeing floor prices drop by 7.4% and 3.7%, respectively, within the last 24 hours.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.