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Founder of Remilia Reports Hack Following Transfer of Ether and NFTs

ByDayne Lee

Mar 20, 2024
Founder of Remilia Reports Hack Following Transfer of Ether and NFTs

Founder of Remilia Reports Hack Following Transfer of Ether and NFTs

Krishna Okhandiar, known in the digital sphere as Charlotte Fang and the visionary behind Remilia and Milady Maker NFT collections, has recently reported being the victim of a cyberattack. This incident came to light following the unauthorized transfer of substantial amounts of Ether (ETH) and various nonfungible tokens (NFTs) to a wallet known for asset liquidation.

Incident Unveiling

The hacking episode was brought to public attention by Dumpster DAO on the social media platform X, accompanied by a screenshot of Okhandiar stating, “I got drained,” and providing a link to the recipient wallet. This wallet had been implicated in receiving assets from those associated with the Remilia DAO, which backs the Milady Maker NFT project.

Blockchain explorations reveal that this wallet has offloaded numerous Milady-related NFTs, including those staked with NFTx, transferring around $1 million worth of Ether to another address. As of the latest update, this wallet still holds close to $1 million in Ether among other tokens.

The method employed in this alleged hack remains undetermined. However, blockchain security firm PeckShield highlighted an earlier transaction from Remilia’s treasury to the implicated wallet, sparking speculation about the hack’s nature.

Background of Controversy

In September 2023, Fang disclosed via the X social platform that a developer within the Milady ecosystem had redirected approximately $1 million in fees from the Remilia Corporation. Fang detailed that the assailant had commandeered control over three X accounts, including Miladymaker and Remilionaire, while effectively locking out Remiliacorp.

Launched in 2021 by Fang, Milady Maker features 10,000 anime-styled profile picture NFTs. These digital assets garnered significant attention in May 2023 when Tesla’s CEO Elon Musk shared a meme derived from the Milady collection, catalyzing a sharp increase in the floor price of these NFTs from 3.8 ETH to 7.8 ETH.

The Broader Context of Crypto Hacks

The crypto industry has witnessed a disturbing rise in hacks and exploits, particularly targeting decentralized finance (DeFi) applications. According to a report by Immunefi dated December 28, the year 2023 alone saw $1.8 billion lost to such cybercrimes, with the North Korean Lazarus Group being responsible for 17% of these incidents. By February 2024, hacking had resulted in over $65 million (97.54%) of the total stolen funds in that month.

This incident underscores the persistent vulnerabilities within the crypto and NFT spaces, raising pertinent questions about security practices and the necessity for heightened vigilance. For stakeholders and enthusiasts alike, the Remilia hack serves as a sobering reminder of the cyber risks inherent in digital asset management.

Event DetailDescription
VictimKrishna Okhandiar (Charlotte Fang), founder of Remilia and Milady
Assets CompromisedSignificant amounts of Ether (ETH) and NFTs
Wallet ActivitySale of Milady-linked NFTs; transfer of $1 million in Ether
Security AnalysisPeckShield investigation; unclear hack methodology
Historical ContextPrevious diversion of funds within Milady ecosystem
Industry ImpactHighlight on crypto security vulnerabilities

As the digital asset community digests the implications of this hack, the emphasis on robust security measures and proactive threat detection strategies has never been more critical. The ongoing evolution of blockchain technology and digital finance necessitates a parallel advancement in cybersecurity to safeguard the interests of creators, investors, and users across this dynamic landscape.

Featured image credit: fotokitas via Adobe Stock

Dayne Lee

With a foundation in financial day trading, I transitioned to my current role as an editor, where I prioritize accuracy and reader engagement in our content. I excel in collaborating with writers to ensure top-quality news coverage. This shift from finance to journalism has been both challenging and rewarding, driving my commitment to editorial excellence.

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