Hacks and Scams Continue to Plague Crypto Sector as Rogue Developer Steals $1M from Milady NFT Treasury
A rogue developer from the non-fungible token (NFT) collection Milady Makers has pulled off another heist, making off with $1 million in fees from the treasury. The co-founder of Milady Maker, Charlotte Fang, confirmed the breach in a blog post. The developer breached the security system and diverted the generated fees from the Remilia Corporation treasury. However, the main contract, NFTs, and reserves of the Bonkler collection remain safe. In addition to the theft, the rogue developer has seized code bases and taken control of Remilia’s social media accounts. Fang stated that the individuals involved in the exploit have been terminated and will face legal consequences.
Milady Maker NFT Floor Price Drops 22% Following Heist
Following the recent heist, the floor price of Milady Maker NFTs has dropped over 22%. In the past 24 hours, the floor price has fallen from 3.06 ETH to around 2.30 ETH. The bearish news also impacted the market cap of Milady Makers, which is down 22.8% to around $35 million. The NFT collection gained attention in May 2023 when Tesla CEO Elon Musk publicly endorsed it, causing a surge in the floor price. However, the recent theft has negatively affected investor sentiment and the value of Milady NFTs.
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Hot Take: NFT Security Remains a Concern as Milady Makers Falls Victim to Heist
As the crypto sector continues to grow, so do the risks associated with it. The recent theft of $1 million from the Milady Makers NFT treasury highlights the urgent need for enhanced security measures. The incident not only resulted in financial loss but also negatively impacted the floor price and market cap of Milady NFTs. This serves as a reminder that investors and collectors should exercise caution and conduct thorough research before engaging with any NFT project. Additionally, NFT creators must prioritize security protocols to protect their users and assets. The crypto community must work together to address these security concerns and ensure the long-term viability of the NFT market.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.