Founder of NFT Collection Milady Drained of Millions
A hacker is believed to have liquidated several NFTs associated with Milady and transferred $1 million to another address.
Founder of NFT Collection Milady Drained of Millions
Image: OpenSea
Krishna Okhandiar, also known as Charlotte Fang, the creator behind the popular Milady NFT collection, has been attacked after transferring a substantial amount of ETH and NFTs to a liquidation wallet.
Don't forget what we're here for. Year 3 of the biggest losers you know begging on milady's downfall; I'm sorry but suffering a hack is not gonna be what does it. Remilia's New Internet is around the corner, it's more imperative than ever—nothing can stop this. Draft 1 in April. https://t.co/YiEfwPw4os pic.twitter.com/RRYympLZYw
— ♡ Charlotte Fang 🪲 Crown Prince ❀ LOVE HEALS 💞 (@CharlotteFang77) March 17, 2024
The incident was reported by the Dumpster DAO account on X (formerly Twitter), which shared a screenshot of a message from Charlotte stating, “I’m exhausted,” along with a link to the recipient wallet address associated with Remilia. Remilia is the decentralized autonomous organization (DAO) of the Milady Maker collection.
Screenshot indicating Okhandiar has been drained of funds. Source: Dumpster DAO on X
On-chain investigations revealed that the wallet address liquidated several NFTs related to Milady, including staked NFTs, and sent $1 million worth of ETH to a secondary wallet. As of the time of writing, this wallet still holds nearly $1 million in ETH and several other tokens.
The source of the hack remains unclear. Blockchain security firm Peckshield also pointed out a previous transaction from the Remilia treasury wallet to the hacker’s wallet.
It seems there is an earlier ownership transfer of Remilia treasury to the drainer: https://t.co/uwvBCWXJIy https://t.co/kQz7DEWDqA pic.twitter.com/XuYFMct3Dn
— PeckShield Inc. (@peckshield) March 16, 2024
The trading volume of Milady NFTs has dropped by 80% in the past 24 hours, although the floor price remains around 3.6 ETH.
Floor price and trading volume of Milady NFTs over the past 24 hours. Source: OpenSea
However, this is not the first time Milady has encountered issues. In September 2023, Fang announced that a developer from Remilia Corporation had embezzled $1 million in fees. The attacker had taken control of three X accounts, including Miladymaker, Remilionaire, and Remiliacorp.
Launched in 2021, Milady Maker is a collection of 10,000 NFTs featuring chibi-style female characters with a Japanese aesthetic, designed by Fang. In May 2023, Elon Musk, the owner of X (Twitter), expressed his admiration for the Milady NFTs on social media. This “Musk effect” caused a surge in the floor price of Milady NFTs from 3.8 ETH to 7.8 ETH each.
Attacks remain a significant issue in the cryptocurrency industry, especially in the decentralized space. In 2023 alone, hacks and scams resulted in losses totaling $1.95 billion, according to statistics from Immunefi.
