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 Hiding Place 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, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Stellar Development Foundation Makes Strategic Investment in Marketnode

On October 29, the Stellar Development Foundation announced a strategic investment in Marketnode to enhance institutional access to tokenized investment products in the Asia-Pacific region.

user avatarJesper Sørensen

Tokenization Efforts in Wall Street Face Challenges

Tokenization efforts on Wall Street face challenges as major companies opt out, highlighting volatility and illiquidity in the market.

user avatarRajesh Kumar

NYSE Partners with Avalanche for Tokenized Securities Platform

The New York Stock Exchange has partnered with Avalanche to create a tokenized securities platform, aiming for 24/7 trading and settlement, pending regulatory approval.

user avatarLucas Weissmann

Block Reaches Agreement in Principle with DOJ Over AML Allegations

Block, the payments company known for Cash App and Square, has reached an agreement in principle with the US Department of Justice regarding allegations of failing to maintain an effective anti-money laundering program.

user avatarFilippo Romano

Arkham Intelligence Highlights Institutional Holdings in Ethereum and Solana

Arkham Intelligence's update reveals significant institutional holdings in Ethereum and Solana, indicating a shift in investment strategies beyond Bitcoin.

user avatarEmily Carter

Arkham Intelligence Reveals $3 Billion in Institutional Crypto Holdings

Arkham Intelligence has identified and labeled approximately $3 billion in cryptocurrency assets held by major investment funds, enhancing transparency in institutional crypto investments.

user avatarEmily Carter

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.