Former Milady NFT developer steals $1M from DAO treasury

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Former Milady NFT developer steals $1M from DAO treasury

Charlotte Fang, the founder of the Milady collection, disclosed that a developer with ties to the company had embezzled around $1 million from the treasury. The perpetrator didn’t stop there—he took control of vital codebases and attempted to seize Milady’s social media assets.

Milady in trouble

The illicit activity focused on the revenue from Bonkler. Touted as a “grand experiment in financial art”, Bonkler is an NFT project owned by Remilia, the Decentralized Autonomous Organization (DAO) behind Milady.

Founder Charlloted Fang has stated on Twitter (X): “By targeting Remilia’s reserves, they attacked not just Remilia and the vision, but every one of you who has placed your faith in us,”

Thankfully, the Bonkler reserves, its main contract, and associated NFTs remain untouched. In response to these actions, the daily mint of Bonkler has been temporarily halted, with plans for a revival upon the rollout of a planned v2 upgrade.

This upgrade promises the introduction of Bonkler-collateralized loans and expanded treasury deployment capabilities. Further reassuring the community, Fang emphasized:

“All Remilia NFTs, metadata, and domains remain secure. This does not affect the sanctity of existing Bonklers.”

An orchestrated coup by insiders

In a sinister twist, it was revealed that the rogue developer had collaborated with two other team members in an audacious attempt to gain control over a significant portion of the company’s treasury, which included the valuable NFT reserves. Fang has stated that the individuals in question have been identified and will be prosecuted to “the fullest extent of the law.”

The compromised Twitter (X) handles include @/miladymaker, @/remilionaire, and @/remiliacorp. For now, followers have been advised to treat these accounts cautiously.

In a bid to regain trust and maintain transparency, new official Twitter (X) handles have been established. The rest of the brand’s official social media presence and accounts on Instagram and Snapchat remain intact.

Floor price seems unaffected

Milady NFTs have become one of the most popular collections in 2023, defying the overall bearish trend by setting all-time high floor prices just last month. While the collection’s floor price has since dropped, it seems the incident has had a negligible impact on sales.

Former Milady NFT developer steals $1M from DAO treasury - 1
OpenSea Analytics

According to data from OpenSea, the sales numbers have risen by 318% and the floor price has fallen 12% in the last 24 hours.

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