NFT collection Milady exploited by developer stealing $1M in fees

Milady NFT creator Charlotte Fang said that Remilia “easily identified” the individuals involved in the exploit and will start legal action.

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Milady Maker, a nonfungible token (NFT) project on the Ethereum blockchain, has fallen victim to a major exploit involving the platform’s fees and social media accounts.

Charlotte Fang, co-founder of the Milady Maker NFT collection, took to X (formerly Twitter) on Sept. 11 to announce that a developer in the Milady ecosystem has managed to divert about $1 million in generated fees from Remilia Corporation.

Remilia is a decentralized autonomous organization (DAO) behind Milady Maker NFT. The DAO saw its revenue compromised from Bonkler, its experimental finance art project created in April 2023, according to an announcement by Fang.

“The Bonkler reserves, main contract and NFTs are safe; only Remilia’s revenue from Bonkler was compromised,” Fang noted. The creator emphasized that Remilia’s reserves are “unaffected” and user assets are “perfectly safe.”

In addition to fee reserves, the attacker has also seized codebases and coordinated with other team members in an attempt to seize control of Remilia’s social media.

According to Fang, the attacker has managed to take over three X accounts, including Miladymaker and Remilionaire, while Remiliacorp has been locked out. “Treat those three accounts as compromised until further notice,” Fang stated, providing new official accounts, including RemiliaCorp333, MiladyMaker333 and RemilioBaby.

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Fang added that Remilia “easily identified” the individuals involved in the exploit and expressed willingness to pursue them to the fullest extent of the law. “We expect all our property to be returned,” she stated, 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.”

Launched in 2021, Milady is a collection of 10,000 anime profile picture NFTs designed by Fang. In May 2023, Milady NFTs were publicly endorsed by Tesla CEO Elon Musk, who posted a meme using imagery from the Milady NFT collection. The move triggered a rapid spike in the floor price of a Milady NFT, which subsequently surged from 3.8 Ether (ETH) to 7.8 ETH.

At the time of writing, the floor price of a Milady NFT is 2.86 ETH, down about 15% over the past 24 hours, according to data from OpenSea.