A Milady developer exploited the community and escaped with $1 million in funds.
Co-founder of the Milady collection took to twitter to explain the details of the attack.

Milady NFTs were the talk of the town in early May this year. Boosted by Elon Musk’s tweet on the NFT, its trading volume surged and the community around it started growing.

Developer grabs the money and runs

However, recent developments may have a negative impact on the state of the NFT and its holders.

According to NFT analyst Tyler D, a developer in the Milady ecosystem took around $1 million in fees from the team. This developer also compromised the Twitter accounts of Milady and Remilio Baby, along with the Remilia account.

Just In: A dev in the Milady ecosystem has stolen $1M in fees from the team.

The dev took codebases, fees & has compromised the Twitters of Milady’s & Remilio Baby’s along with the Remilia account.

Since the news:
Milady’s -8% to 3.06 ETH
Remilio Babies -18% to 0.54 ETH pic.twitter.com/Lo6PCo98gM

— TylerD (@Tyler_Did_It) September 11, 2023

Charlotte Fang, the alias of the co-founder of Remilia Corporation which is behind the Milady collection, addressed the situation on Twitter. The founder explained that the developer diverted approximately $1 million in fees generated by Remilia but assured that the Bonkler reserves, main contract, and NFTs were safe.

Good morning. A developer who worked on Bonkler took steps that allowed him to divert ~$1MM USD in Remilia’s generated fees.

The Bonkler reserves, main contract and NFTs are safe; only Remilia’s revenue from Bonkler was compromised.

We’ve temporarily paused Bonkler’s daily mint… pic.twitter.com/1QOQDiXka3

— ♡ Charlotte Fang Crown Prince (@CharlotteFang77) September 11, 2023

As a response to this incident, the Fang temporarily paused Bonkler’s daily mint but planned to revive it with a planned upgrade. They also mentioned that all Remilia NFTs, metadata, and domains remained secure.

The developer also attempted to seize control of their social media accounts and demanded a significant portion of their treasury. However, they were quickly identified, and legal actions will be taken against them.

While some social media accounts were compromised, the team provided new official account names for users to follow. Fang emphasized that Remilia’s reserves were unaffected, and assets were secure.

The co-founder expressed determination to pursue those responsible through legal means, as this incident not only harmed their team but also the community that believed in their vision. The individuals involved have been removed from Remilia Corporation, and legal actions will be taken against them. The co-founder also provided a link to the lawsuit in the replies.

How is the NFT sector doing?

At press time, the floor price of the Milady Maker had fallen by 12.1% in the last 24 hours. Additionally, there was a massive sell-off of the collection observed with a spike of 333.9% in sales.

The overall state of the NFT sector and activity on exchanges wasn’t looking any good either. According to Dune Analytics, the daily volume across various exchanges such as Open Sea and Blur fell drastically.

Source: Dune Analytics

Coming to other NFT collections, blue chip NFTs such as BAYC and MAYC’s floor price fell by 7.4% and 3.7% respectively in the last 24 hours.

Source: CoinGecko

The post Milady falls victim to an exploit as developer runs off with $1 million appeared first on Crypto News Australia.

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Filed under: Bitcoin - @ September 12, 2023 8:24 am