Milady NFT Project Exploited, Developer Steals $1M in Fees
The highly anticipated Milady NFT project has been hit by an exploit that resulted in a developer making off with $1 million in fees and disappearing. The project gained significant attention after a tweet from Elon Musk in early May, leading to a surge in trading volume and community growth. However, recent events have cast a shadow over the project and its investors.
Co-founder Responds to the Situation
Charlotte Fang, the co-founder of Remilia Corporation, the entity behind the Milady collection, addressed the situation in a tweet. Fang confirmed that the developer had diverted $1 million in fees generated by Remilia but reassured the community that the Bonkler reserves, main contract, and NFTs remained secure. Fang temporarily halted Bonkler’s daily minting process and outlined plans for an upgrade. She emphasized the safety of all Remilia NFTs, metadata, and domains.
Securing the Community and Legal Action
The team created new official handles and accounts to keep users informed of updates after the compromised social media accounts. Fang expressed determination to pursue legal action against those responsible and highlighted the harm caused to the team and community.
Impact on the NFT Sector
The exploit had a negative effect on the Milady Maker floor price, which dropped by 12.1% in the last 24 hours. The NFT sector as a whole also experienced challenges, with declines in daily volume on exchanges like Open Sea and Blur. Other blue-chip NFT collections, such as Bored Ape Yacht Club and Mutant Ape Yacht Club, also saw decreases in floor prices.
Hot Take: Milady NFT Project Faces Major Setback
The Milady NFT project, once riding high on the wave of Elon Musk’s endorsement, has encountered a significant setback. A developer exploited the project, absconding with $1 million in fees and compromising social media accounts. Co-founder Charlotte Fang responded promptly, assuring the community of the security of assets and vowing to take legal action. Despite these efforts, the project’s floor price dropped, and the wider NFT sector also faced challenges. This incident serves as a reminder of the risks associated with the crypto space and the importance of thorough security measures. Milady NFTs will need to regain trust and rebuild their reputation to overcome this setback and thrive in the competitive NFT market.
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