Milady Maker falls victim to an insider exploit.
An exploit has hit the non-fungible token (NFT) project Milady Maker, where an internal developer succeeded in diverting roughly $1 million in fees. The project, operating on the Ethereum blockchain, has also faced unauthorized changes in its social media accounts.
Charlotte Fang, co-founder of Milady Maker, disclosed the unsettling news on September 11th through X (formerly Twitter).
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Fang revealed that the developer misdirected revenue from the decentralized autonomous organization (DAO), Remilia Corporation. Remilia is the governance body overseeing the operations of Milady Maker NFTs.
The perpetrator targeted revenue streams coming from Bonkler, an experimental art finance initiative launched in April 2023 under the Remilia umbrella. According to Fong:
The Bonkler reserves, main contract and NFTs are safe; only Remilia’s revenue from Bonkler was compromised.
She reassured the community that despite the attack, Remilia's reserves and the assets of individual users remain intact and secure.
In a more unsettling development, the individual involved also seized control of codebases and coordinated with fellow team members to hijack Remilia's social media platforms.
Three key X accounts, including Miladymaker and Remilionaire, are now in the attacker's control. "Treat those three accounts as compromised until further notice," Fang cautioned as she introduced new official handles like RemiliaCorp333 and MiladyMaker333.
Taking a strict stance against the incident, Remilia Corporation quickly identified the responsible parties. "We expect all our property to be returned," Fang proclaimed, adding:
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.
Milady Maker has garnered significant attention since its launch in 2021, offering a collection of 10,000 anime profile picture NFTs designed by Fang. Notably, Tesla CEO Elon Musk endorsed the collection in May 2023, which resulted in a price surge from 3.8 Ether (ETH) to 7.8 ETH. Current data from OpenSea indicates that the floor price has fallen to 2.86 ETH, marking a 15% drop within the last 24 hours.
The unfortunate exploit in the Milady Maker ecosystem is a cautionary tale for the broader NFT community. As the situation unfolds, the focus now is on recovering the stolen funds and holding the perpetrators accountable.
