- The reported hack targeting Krishna Okhandiar, the founder of Remilia and the creator of the Milady NFT collection, highlights the persistent security vulnerabilities within decentralized finance (DeFi) and non-fungible token (NFT) platforms.
- Despite advancements in blockchain technology, incidents of asset theft and unauthorized access continue to occur, underscoring the importance of robust security measures to protect users’ digital assets.
Krishna Okhandiar, also known as Charlotte Fang, the founder of Remilia and creator of the Milady NFT collection, has allegedly fallen victim to a hack, resulting in the transfer of significant amounts of Ether and non-fungible tokens (NFTs) to a wallet engaged in asset liquidation.
The incident came to light when Dumpster DAO shared a screenshot of Okhandiar’s claim of being “drained,” along with a link to an address receiving assets from wallets linked to Remilia, the decentralized autonomous organization (DAO) behind the Milady Maker NFT collection. Blockchain records reveal that the recipient address has sold various Milady-linked NFTs, including NFTx staked ones, and has moved $1 million worth of Ether to another address, while still holding nearly $1 million in Ether and other tokens at present.
The exact method of the purported hack remains unclear, although blockchain security firm PeckShield has noted a prior transaction from the Remilia treasury wallet to the implicated wallet. In September 2023, Fang disclosed on a social platform an incident where a developer within the Milady ecosystem diverted approximately $1 million in generated fees from Remilia Corporation. This attack involved the takeover of three X accounts, including Miladymaker and Remilionaire, while Remiliacorp was locked out.
Milady, introduced in 2021, comprises 10,000 anime profile picture NFTs crafted by Fang. The collection gained public endorsement in May 2023 from Tesla CEO Elon Musk, who utilized Milady NFT imagery in a meme, causing a surge in the floor price of Milady NFTs from 3.8 ETH to 7.8 ETH.
This incident underscores the escalating concern over hacks and exploits in the cryptocurrency sector, particularly within decentralized finance applications. In 2023 alone, losses to crypto hacks and scams amounted to $1.8 billion, with 17% attributed to the North Korean Lazarus Group, according to a report by Immunefi. In February 2024, hacking constituted over $65 million (97.54%) of the stolen funds in individual incidents, emphasizing the urgency for enhanced security measures within the industry.
Unraveling the Milady Hack: Lessons Learned
The reported hack targeting Krishna Okhandiar, the founder of Remilia and the creator of the Milady NFT collection, sheds light on the vulnerabilities within the crypto ecosystem. This incident serves as a stark reminder of the critical importance of robust security measures, particularly in decentralized finance and NFT platforms.
As the industry continues to evolve, stakeholders must prioritize proactive security protocols to safeguard against malicious attacks and unauthorized access to digital assets. Furthermore, increased transparency and community vigilance are essential in promptly identifying and addressing potential security breaches. The Milady hack underscores the ongoing need for collective efforts to fortify the integrity and resilience of the cryptocurrency landscape.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
