Analysis of $4.3 Million Remilia Hack and Its Aftermath

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI


The breach of $4.3 million in the Remilia exploit in March was orchestrated by a hacker who funneled the stolen cryptocurrency assets through the crypto mixer Tornado Cash.

On June 17, CertiK, a blockchain analysis firm, disclosed that 1,209.5 Ether (ETH), equivalent to $4.3 million, was funneled into Tornado Cash. CertiK's investigation linked these assets to various addresses associated with the Remilia hack on March 16.

Addresses linked to the Remilia hack. Source: CertiK

Remilia, a decentralized autonomous organization (DAO) behind the Milady Maker nonfungible token (NFT) collection, was the target of the hacker's activities.

Hacker's Actions and NFT Sales

The illicit crypto assets were moved to the mixing platform around three months after the Remilia hack occurred. The hack, announced on March 16 by Remilia and Milady founder Krishna Okhandiar, also known as Charlotte Fang, unveiled significant transfers of ETH and NFTs to a wallet that proceeded to liquidate the assets upon reception.

Dumpster DAO on X, an account that brought attention to the incident, shared details of the hack reported by the Remilia founder, including the wallet addresses involved in the transfer of assets. Subsequent blockchain analysis revealed that the specified address sold NFTs associated with Milady, comprising staked NFTx assets, and transferred $1 million in ETH to another address.

Milady Memecoin Presale and Subsequent Developments

Shortly after the hack, a memecoin, inspired by the Milady NFTs, conducted a successful presale on the Solana network. The meme token, Milady Wif Hat (LADYF), mirrored the thematic concept of Dog Wif Hat (WIF) and garnered 91,486 Solana (SOL) valued at $18.7 million within a mere two hours of its announcement on March 18.

Oversubscribed presale led the team to announce the return of excess SOL to the initial senders. Post-presale, the token's value plummeted to a new all-time low of $0.00001703 on June 14.

The creators of the memecoin explicitly declared their independence from Charlotte Fang and the Milady Maker NFTs on their website, emphasizing that their token merely pays homage to a beloved NFT collection.

Tier I

Sector: #18291

Sealed Cache Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, caches will be stored in your inventory and can be opened with Keys.

Other news

Bitcoin Futures Traders Abandon Crypto for Stablecoin Margin

chest

Bitcoin futures traders have largely abandoned using Bitcoin as collateral for their positions, opting for stablecoin-backed positions to avoid risks associated with price drops.

user avatarFilippo Romano

Gold Prices Surge to Three-Month High

chest

Gold prices surged to a three-month high, reaching $4,696.18 an ounce, driven by a weaker dollar and falling Treasury yields.

user avatarEmily Carter

BNB Smart Chain Set to Activate Pasteur Hard Fork

chest

BNB Smart Chain is set to activate its Pasteur hard fork on August 25, introducing significant network changes.

user avatarKaterina Papadopoulou

TAC Halts Block Production Due to Supply Exploit

chest

TAC, a Cosmos-based EVM sidechain connected to the TON ecosystem, has halted block production after a supply-related exploit.

user avatarTomas Novak

The Need for Reliable Data in Real Estate Tokenization

chest

The need for reliable pricing data in real estate tokenization is crucial due to the unique challenges it faces compared to liquid crypto assets.

user avatarMaya Lundqvist

TON Foundation to Permanently Shut Down Legacy Bridge on September 1

chest

The TON Foundation has confirmed the permanent shutdown of its legacy bridge on September 1, requiring users to transition their wrapped TON and related assets back to native forms.

user avatarLeo van der Veen

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.