Ethereum-based Milady NFT Project Falls Victim to Exploit, Resulting in $1 Million Loss

2:53 pm
September 12, 2023

Summary

Milady, an Ethereum-based non-fungible token (NFT) project, has been exploited, leading to a loss of approximately $1 million in fees. The exploit was carried out by a developer within the Milady ecosystem, and it also resulted in compromised social media accounts. Charlotte Fang, one of the co-founders of the Milady NFT collection, disclosed the exploit and expressed her disappointment in the actions of those involved.

Exploit Details

On September 11, Charlotte Fang revealed on social media that a developer within the Milady ecosystem had successfully diverted around $1 million in generated fees away from Remilia Corporation, the decentralized autonomous organization (DAO) backing the Milady Maker NFT project. The exploit severely impacted the project’s finances and also compromised social media accounts.

Impact and Response

Milady is a collection of 10,000 anime profile picture NFTs that gained popularity after Tesla CEO Elon Musk publicly endorsed them in May 2023. However, the floor price of a Milady NFT has recently experienced a 15% decrease, standing at 2.86 ETH.

Fang assured the Milady community that the exploit did not affect Bonkler reserves, main contract, or NFTs. She also confirmed that Remilia’s reserves remained unaffected, and user assets were safe. Fang identified the individuals responsible for the exploit and expressed the intent to pursue legal action against them.

Attacker’s Actions

In addition to diverting fees, the attacker took control of critical codebases and attempted to manipulate Remilia’s social media accounts. Three X accounts, including Miladymaker and Remilionaire, were successfully compromised, while Remiliacorp was locked out. Fang advised users to consider these accounts compromised and provided new official accounts for the community to follow.

FAQ

What is Milady?

Milady is a non-fungible token (NFT) project built on the Ethereum blockchain. It is a collection of 10,000 anime profile picture NFTs.

What happened in the exploit?

A developer within the Milady ecosystem successfully diverted approximately $1 million in fees away from Remilia Corporation, the DAO backing the Milady Maker NFT project. The exploit affected the project’s finances and compromised social media accounts.

Has the project taken any action?

Charlotte Fang, one of the co-founders of Milady, has identified the individuals responsible for the exploit and expressed the intent to pursue legal action against them. She reassured the community that user assets and Bonkler reserves remained unaffected.

Are the compromised social media accounts still active?

No, the compromised social media accounts, including Miladymaker and Remilionaire, are no longer under the control of the project. Charlotte Fang provided new official accounts for the community to follow.

Has the Milady NFT market been affected?

Following the exploit, the floor price of a Milady NFT has experienced a 15% decrease, currently standing at 2.86 ETH.


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