3 months ago
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Following the hack claims, a new meme coin also surfaced online, albeit too conveniently.
The March hack on Remilia DAO, a decentralized organization (DAO) behind the Milady Maker NFT collection, has taken a new turn. In the latest update on the incident, blockchain analysis firm CertiK has traced $4.3 million in stolen crypto assets to the controversial crypto mixer Tornado Cash, raising concerns about stolen funds disappearing into the digital Ether.
Stolen Ether from Remilia Hack Deposited in Tornado Cash Mixer
Earlier today, CertiK reported a deposit of 1,209.5 Ether (ETH), worth around $4.3 million by current prices, into Tornado Cash. The deposit has also been linked to multiple addresses associated with the Remilia hack that took place back in March.
Recall that, shortly after the hack took place on March 16, Remilia and Milady founder Krishna Okhandiar (also known as Charlotte Fang) reported it online. Findings at the time revealed that the stolen assets were transferred to a single wallet, where they were immediately liquidated.
Fang’s hack claims quickly spread like wildfire following a repost from the Twitter account, Dumpster DAO. Their post included a screenshot of Fang’s report and the address receiving the stolen assets. Blockchain data also further confirmed the sale of Milady-linked NFTs and the transfer of $1 million in ETH from the said wallet to another address.
However, there are certain users who maintain their belief that there was no hack and Remilia may have orchestrated the alleged attack itself.
The Milady Meme Coin: Too Many Unanswered Questions
Following the hack claims, a new meme coin also surfaced online, albeit too conveniently. This was barely 24 hours after the supposed hack. The memecoin, inspired by the Milady NFTs and called Milady Wif Hat (LADYF), managed to conduct a successful presale on the Solana network. Despite garnering an unbelievable 91,486 Solana (SOL) tokens in just two hours of launch, valued at $18.7 million at the time, the hype was not going to last long.
Due to oversubscription, the team behind LADYF decided to return the excess SOL to contributors. Since then, the meme coin’s value has plummeted, reaching a new all-time low of $0.00001703 by June 14th.
As if addressing the concerns raised by many, the creators of LADYF have explicitly stated on their website that they are not in any way affiliated with Charlotte Fang or the Milady Maker NFTs.
This Remilia situation has once again proven the vulnerabilities of the DeFi space. Particularly, in the area of the challenges faced when tracking and recovering, stolen crypto assets. Notably, the continued use of Tornado Cash by bad actors has prompted the United States government to impose sanctions on its use since August 2022.
