Major Crypto Hack Affects Founder of Remilia and Milady

In a disturbing development in the crypto community, Krishna Okhandiar, better known by the pseudonym Charlotte Fang and the founder of the popular NFT collection Milady and the decentralized autonomous organization (DAO) Remilia, claims to have fallen victim to a cyber attack. Large amounts of Ether and NFTs are said to have been transferred to a wallet actively involved in liquidating these assets.

Previously experienced financial instability

It alarm was first hit by Dumpster DAO, a user of the social platform affiliated wallets.

The DAO, which is behind the Milady Maker NFT project, previously experienced financial instability due to Fang’s experimental art project Bonkler, launched in April 2023. Numerous Milady-related NFTs, including NFTx stakes, have recently been sold from the wallet in question and are in favor of approximately $1 million worth of Ether transferred to another address. At the time of reporting, the wallet still contains nearly $1 million worth of Ether and several other tokens.

It is still unclear exactly how the hack could take place

The exact manner in which the alleged hack occurred remains unclear, but the security company Peckshield be on a suspicious transfer from the Remilia Treasury wallet to the wallet in question, a transaction that was also highlighted on the X platform.

In a further revelation in September 2023, Fang reported via X that a developer within the Milady ecosystem had managed to divert approximately $1 million in fees from the Remilia Corporation. This resulted in the takeover of three key X accounts related to the project, locking out the official Remilia accounts.

Milady, which launched in 2021, includes a series of 10,000 anime profile photo NFTs designed by Fang. The collection received a significant boost in May 2023 when Tesla CEO Elon Musk publicly showed his support by sharing a meme from the Milady NFT collection. This led to a doubling of the minimum price of a Milady NFT from 3.8 Ethereum to 7.8 ETH.

The crypto sector remains vulnerable to hacks and exploits, with a total loss of $1.8 billion by 2023 from such incidents, 17% of which is attributed to North Korea’s Lazarus Group. In February 2024 alone, hacks were responsible for the loss of more than $65 million, representing 97.54% of the total amount stolen, according to a report from Immunefi.