SNEAK PEEK
- The Milady Maker NFT collection on Ethereum suffered a major exploit, resulting in the theft of approximately $1 million in fees.
- Charlotte Fang, a co-founder, disclosed the incident on social media, clarifying that user assets and NFTs remained safe.
- The attacker took fees and gained control of key code bases and social media accounts, causing significant disruption.
The Milady Maker NFT collection, a prominent player in the world of nonfungible tokens (NFTs) on the Ethereum blockchain, has fallen victim to a major exploit. The incident involved siphoning off approximately $1 million in generated fees and has sent shockwaves through the crypto community. This article delves into the details of the exploit, its repercussions, and the measures being taken to address it.
Charlotte Fang, one of the co-founders of the Milady Maker NFT collection, took to the X platform (formerly known as Twitter) on September 11th to reveal the distressing news. According to Fang, a developer within the Milady ecosystem managed to divert a substantial sum of money, roughly $1 million, in fees that belonged to Remilia Corporation, the decentralized autonomous organization (DAO) behind the Milady Maker NFT project.
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
The incident, which sent shockwaves through the NFT community, was tied to Bonkler, an experimental finance art project created by Remilia Corporation in April 2023. However, it’s crucial to note that the Bonkler reserves, the main contract, and the NFTs remained unscathed. Fang assured the Milady community that user assets and reserves were “perfectly safe.”
Apart from compromising the fee reserves, the attacker made a daring move by seizing control of critical code bases and coordinating efforts with other team members to take control of Remilia Corporation’s social media presence. This audacious move led to the takeover of three X accounts, including Miladymaker and Remilionaire, while locking Remiliacorp out of its accounts.
Fang issued a stern warning, urging users to consider these three compromised accounts as such until further notice. New official accounts were introduced to mitigate the damage, namely RemiliaCorp333, MiladyMaker333, and RemilioBaby.
In the face of adversity, Remilia Corporation swiftly identified the individuals responsible for the exploit. Fang expressed unwavering determination to pursue legal action, vowing to reclaim their property. She stated, “For such viciousness, I can give no quarter,” announcing the immediate termination of the individuals involved, who will now face the full force of the law.
The Milady Maker NFT collection, known for its distinctive anime profile picture NFTs, captured the attention of the crypto world when Tesla CEO Elon Musk publicly endorsed it in May 2023. Musk’s endorsement triggered a meteoric rise in the floor price of a Milady NFT, catapulting it from 3.8 Ether (ETH) to a staggering 7.8 ETH.
This exploit is a stark reminder of the challenges and vulnerabilities faced by NFT projects, even those with high-profile backers. The aftermath of this incident will undoubtedly have a lasting impact on the security measures and governance structures within the NFT ecosystem.
