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.
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.
