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 Red Team Established to Tackle AI-Driven Security Threats

chest

The Bitcoin Red Team has been established to proactively identify AI-assisted security vulnerabilities in the Bitcoin ecosystem.

user avatarTando Nkube

TON Validators Prepare for Configuration Vote on New Collator Architecture

chest

TON validators are updating their node software and mytonctrl tooling for a configuration vote on a new collator architecture scheduled for August 21 at 0800 UTC.

user avatarKofi Adjeman

Aave's EMode: Efficiency and Risk in DeFi Lending

chest

Aave's EMode feature allows for efficient borrowing among correlated assets but also increases the risk of liquidation during market stress.

user avatarSatoshi Nakamura

Avalanche Surpasses $3 Billion in Tokenized Real-World Assets

chest

Avalanche's tokenized real-world asset value has surpassed $3 billion, marking a significant milestone in its development as a platform for institutional finance.

user avatarNguyen Van Long

Aave's Debt Concentration Raises Concerns Amid Ethereum Volatility

chest

Aave's debt profile shows that a small number of loan positions account for a significant portion of its total outstanding debt, raising concerns about risk concentration.

user avatarJesper Sørensen

Shift in Airdrop Strategy Reflects Changing Market Dynamics

chest

Optimism's decision to reallocate tokens indicates a shift away from broad airdrops towards more strategic ecosystem investments.

user avatarLucas Weissmann

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.