Security Breach Hits Remilia Treasury
Charlotte Fang, the founder of Milady and Remilia, has confirmed a security breach that resulted in the movement of millions of dollars worth of Ether and Non-fungible tokens (NFTs) to a wallet engaged in asset liquidation. This incident sheds light on the increasing problem of hacks and security vulnerabilities in the crypto sector, particularly impacting decentralized finance (DeFi) platforms.
The unusual transaction was first noticed by Dumpster DAO, who posted about it on X, drawing attention to Fang’s acknowledgment of a breach involving the Remilia treasury. The transactions involved assets being moved to a drainer wallet for liquidation, which then sold them for approximately 850 Ether (ETH), equivalent to almost $3 million.
Fang revealed that the breach was caused by a hack that affected all connected wallets. He attributed the breach to “unknown malware” that infiltrated his password manager. This malware gained access to the seed phrases stored within, which were meant to secure all wallets, including the multisig wallet designated for Remilia’s treasury funds.
Despite the setback, Fang assured that the NFT contract and metadata ownership had been transferred to a hardware wallet and were not compromised. The operating treasury had also been moved off-chain for added security. He emphasized that there were no immediate plans to sell the NFTs, indicating that the hack would not impact budgeted operations.
In response to growing concerns within the cryptocurrency community, particularly among Milady NFT holders, Fang urged community members to remain vigilant against suspicious communications.
Milady Project Faces Controversy
The founder of Milady has faced skepticism from the crypto community, leading Web 3 security experts like Peckshield to investigate the exploit and its aftermath. They are analyzing a suspicious transfer that likely triggered the recent security breach.
This incident is not the first controversy associated with Fang and the Milady project. In September, Fang revealed that a rogue developer had misappropriated $1 million from the treasury. This disclosure was followed by a report from other co-founders accusing Fang of misusing $1.7 million from the project’s funds and alleging his involvement in disseminating “extremist and overtly racist” online content.
Milady is a collection of 10,000 NFTs created on the Ethereum blockchain. The NFTs feature generative artwork of anime-style women and have gained attention within the crypto and NFT communities.
Hot Take: Security Breach Raises Concerns
The recent security breach in the Remilia treasury highlights the ongoing challenges faced by the crypto sector regarding hacks and vulnerabilities. While Charlotte Fang has taken steps to secure the NFT contract and metadata ownership, questions remain about the overall security of decentralized finance platforms.
It is crucial for crypto enthusiasts to exercise caution and stay vigilant against potential threats. The incident serves as a reminder that even well-established projects can be susceptible to breaches, emphasizing the need for robust security measures.
As the crypto community continues to grow, it is essential for individuals and organizations to prioritize security practices to safeguard their digital assets. By staying informed and adopting best practices, users can mitigate risks and protect themselves from potential attacks.
By
By
By
By
By