Charlotte Fang, the entrepreneur behind Remilia and Milady, has faced a security breach following the transfer of a substantial sum of Ethereum and NFT assets to a wallet designed for liquidation. The event came to light when an individual with the alias Dumpster DAO disclosed a screenshot showcasing Fang’s depleted accounts and an associated receiving wallet.
Hacking Strikes DAO Behind NFT Collection
Remilia, a decentralized autonomous organization responsible for the Milady Maker NFT series, confronted financial risks in April 2023 due to a risky finance art initiative named Bonkler. Blockchain analytics indicated that the implicated wallet offloaded numerous NFTs tied to Milady and moved Ethereum amounting to one million dollars to a separate wallet, which currently holds a mix of cryptocurrencies worth the same amount.
Although details of the hacking technique are yet to be clarified, security analysts at Peckshield hinted at a past transaction to the wallet that drained Remilia’s funds. Charlotte Fang reported on a social platform in September 2023 that a developer within their network illicitly transferred one million dollars from Remilia Corporation, compromising three crucial accounts.
Crypto Sector Faces Persistent Security Challenges
Milady, introduced in 2021, consists of 10,000 anime-styled NFT profile pictures crafted by Fang. The series gained momentum after Tesla CEO Elon Musk endorsed the NFTs in May 2023, causing their base value to escalate sharply. Hack attacks remain a significant threat within the crypto space, especially targeting DeFi entities. A report by Immunefi tallied a total loss of 1.8 billion dollars to crypto hacks in 2023, with the North Korean Lazarus Group accounting for a notable fraction of these losses.
The issue of security breaches in the digital asset industry persists, with over 65 million dollars recovered from thefts in February 2024, a month that saw ten distinct hacking episodes.