Remilia Founder Alleges Hack: Ether, NFTs Transferred
Remilia Founder Alleges Hack: Ether and NFTs Reportedly Transferred Without Authorization in Security Breach
In the current era of cryptocurrency debate, Remilia’s developer appears to have been the victim of a hacking event involving the illicit transfer of large quantities of Ether and non-fungible tokens (NFTs).
The event was revealed when Dumpster DAO on X posted a screenshot of Krishna Okhandiar, also known as Charlotte Fang, saying, “I got exhausted,” along with a link to an address that accepted assets from Remilia-associated wallets.
Remilia is a decentralized autonomous organization (DAO) that manages the Milady Maker NFT collection. Blockchain data show that the hacker in issue sold many Milady-linked NFTs, including those staked on NFTx.
The attack ended up resulting in the transfer of a $1 million value of Ether to another address, which presently has roughly $1 million in Ether and various other tokens at the time of reporting.
About the Hack
Remilia is the decentralized autonomous organization (DAO) that powers the Milady Maker NFT collection. According to Fang’s revelation, in April 2023, the DAO’s earnings were imperiled by a new financial art project named Bonkler.
Blockchain data suggests that the address in issue sold a large number of Milady-related NFTs, including those staked on NFTx, and moved one million dollars in Ethereum to another address. At the time of writing, this address owns around one million dollars in Ethereum, among other crypto assets.
The particular mechanism of the suspected hack is unclear. “Still evaluating, technical thread-mortem is scheduled, but the primary harm was the Fumo LP and the NFTs we held staked in NFTX; nonetheless, NFT contract ownerships are still protected on hardware wallets,” Fang said in a post on X.
In September 2023, Fang said on the X social network that a developer in the Milady ecosystem had siphoned nearly $1 million in revenue from Remilia Corporation. Fang stated that the attacker took control of three X accounts, including Miladymaker and Remilionaire, while Remiliacorp had been locked out.
Who is the culprit?
Okhandiar blamed an insidious worm for breaching his laptop and stealing saved seed phrases from his password manager. These sentences were the golden keys to unlocking not just his multi-sig wallet, which housed Remilia’s money, but also numerous more individual wallets.
Milady, a pioneering NFT initiative with 10,000 Ethereum-based coins, each a gem of anime creativity, rose to popularity, particularly after receiving a nod from Elon Musk in May 2023. Tesla CEO Elon Musk publicly endorsed the Milady NFT collection by sharing a meme with photos from it.
However, Remilia rules dominate, exercising control over the Milady cryptocurrency domain. This endorsement resulted in a fast increase in the floor price of Milady NFTs, which rose from 3.8 ETH to 7.8 ETH.
Although the particular technique of the suspected attack is unknown, blockchain security firm Peckshield identified a prior transaction to the wallet implicated in depleting the Remilia treasury wallet, as reported in a post on platform X.
Crypto Hacks Proceed to Find Victims
Hacks and exploits have become a major worry in the cryptocurrency business, particularly in decentralized finance (DeFi) applications. According to Immunefi, crypto hacks and scams cost $1.8 billion in 2023, with the North Korean Lazarus Group accounting for 17% of the losses.
In individual cases, hacking made up nearly $65 million (97.54%) of the stolen assets in February 2024. Shido’s layer-1 blockchain token collapsed 85% last month when its Ethereum-based staking contract was exploited.
The Shido vulnerability happened only one day after the Serenity Shield project, a multi-chain data storage firm, suffered a heist that compromised its MetaMask wallet.
As previously revealed, unscrupulous actors took $38.9 million from several Web3 initiatives in the first month of 2024. Radiant Capital lost $4.5 million as a result of an empty market attack, making it one of the year’s first large cryptocurrency breaches.
Gamma Strategies, another vulnerable platform, had a flash loan attack on January 4, immediately after the Radiant Capital event.
Closing Thoughts
This event highlights the critical need for cryptocurrency platforms to strengthen their digital defenses, including improved security measures to protect user assets. The ball is now in the court of Remilia’s custodians as they choose their next action to recuperate the enormous costs.
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