Milady Founder Reports Hacker Attack, Over $3 Million Losses in ETH and NFTs

The post Milady Founder Reports Hacker Attack, Over $3 Million Losses in ETH and NFTs appeared first on Coinpedia Fintech News

In a crypto twist, Krishna Okhandiar, founder and CEO of Remilia and Milady NFT collection, took to Twitter to claim that they had been hacked. Plenty of crypto over $3 million in value in NFT assets owned by the Remilia and Milady treasury were transferred and liquidated strangely. 

Okhandiar, commonly known by the nickname Charlotte Fang, claimed that hackers breached his wallet, and as a result, the unauthorized selling and trading of several popular NFTs connected to Milady took place.

My system was hacked and it compromised all imported wallets. If you receive an odd message from any of my accounts, treat with caution. Still assessing, technical post-mortem will follow, but primary damage was the Fumo LP and the NFTs we held staked in NFTX, however NFT… https://t.co/K6w1CBTdFb

— ♡ Charlotte Fang Crown Prince ❀ LOVE HEALS (@CharlotteFang77) March 16, 2024

Skepticism on the doubt 

An observation from Dumpster DAO about some uncommon operations focused on the emptiness of Remilia’s treasury, along with Okhandiar’s response, makes the scepticism justifiable. The chain analysis has been done to reveal accounts tied to Remilia, and they have been found funnelling the assets to a wallet known to be the drainer’s. The liquidation of the assets in the wallet means that they are being sold out for a little over 850 ETH, around $3 million, according to the current price on the market.

Can the hack be attributed as deliberate??

According to Okhandiar, the cause of the hack was an unknown malware that penetrated his system and stole all the seed phrases stored in his password manager. These seed phrases were used to open wallets that included both his multi-sig wallet holding Remilia’s treasury and other wallets he owns. 

He also emphasized the immutability of the NFT contract, and metadata was maintained during ranking to the standard of a hardware wallet.

Milady is a novel NFT project that comprises 10,000 Ethereum-based NFTs, with each NFT accosting original artwork of anime girl type. It saw significant follow-through following Elon Musk, the CEO of Tesla, tweeted in May 2023, resulting in a high floor price. However, Remilia is the DAO with sovereignty over the Milady crypto community.

What next for Remilia?

Even when Okhandiar gives a version of the events, crypto community members still express doubts. In the detailed post-mortem, many doubts were cleared about how the hacker stole the crypto in two waves. Storing the private keys and seed phrase in an online password manager like Bitwarden was the worst idea, openly welcoming crypto thieves.

The crypto platforms need to be more careful and fortify their security measures to protect their user assets. Time will reveal what steps the team will take to overcome the losses. Until then stay tuned for further developments.