BusinessFounder of Milady NFTs Allegedly Robbed of $1 Million in Hack

Founder of Milady NFTs Allegedly Robbed of $1 Million in Hack

By Philip Maina

Updated 1 hour ago on Mon Mar 18 2024 at 10:26:23

Milady-NFTs-Founder-Reportedly-Loses-$1-Million-in-Hack

Estimated Reading Time: 2 minutes

Milady NFTs Founder Loses $1 Million in Recent Hack

  • Krishna Okhandiar, founder of Milady NFTs, reportedly experiences a $1 million loss in a hacking incident
  • The hacker successfully sold assets and transferred the funds to a separate wallet
  • The community responses to the incident vary

The Milady Maker NFTs founder, Krishna Okhandiar, recently revealed a breach in the security of his wallet, resulting in over $1 million worth of assets being lost. This disclosure came after individuals observing on-chain transactions noticed large amounts of Ether (ETH) and collectibles being moved from Okhandiar’s wallets. Reports indicate that the hacker has sold off some collectibles and transferred the stolen ETH to another wallet, reducing the chances of Okhandiar recovering the assets.

Ownership of Remilia Treasury Allegedly Transferred to Hacker

As per X user Dumpster DAO, NFTs were drained from Remilia, a DAO overseeing the Milady Maker project. The user mentioned that the hacker sold “5 Miladays and 40 Remilios” along with other collectibles, yielding around “850 ETH.”

The hacker drained the FUMO LP, sold 5 Miladys and 40 Remilios, and still holds 143 NFTx-staked Miladys and 104 NFTx-staked Remilios

— Dumpster DAO (@Dumpster_DAO) March 16, 2024

However, the hack has sparked controversy, with PeckShield, a blockchain security firm, pointing out an earlier transfer of Remilia treasury ownership to the malicious actor. Last year, Okhandiar, also known as Charlotte Fang, disclosed that a Milady developer illicitly transferred $1 million from Remilia.

It appears there was an earlier ownership transfer of Remilia treasury to the hacker: https://t.co/uwvBCWXJIy https://t.co/kQz7DEWDqA pic.twitter.com/XuYFMct3Dn

Some individuals in the NFT and crypto communities remain skeptical, questioning if Okhandiar was genuinely hacked.

Possible Malware or Rug Pull, Not Just a Hack

According to some, Okhandiar could have misplaced the seed phrases of their wallets, installed malware-infected software on their devices, or been part of a rug pull.

This isn’t a controlled drainage; it’s either a lost seed, malware on an unprotected device, or an intentional rug, not due to external drainage.

No external drainage is involved.

— Plum (@Plumferno) March 16, 2024

Okhandiar is not the only web3 executive to encounter asset losses due to malicious individuals. For example, RTFKT COO fell victim to a “clever phisher,” resulting in the loss of NFTs valued at over $173,000. Additionally, the creator of Moonbirds lost more than $1 million worth of NFTs in a phishing attack.

Executives like Sky Mavis co-founder Jeff Zirlin and Ripple’s Chris Larsen have also faced crypto wallet hacks, with Larsen losing over $100 million in XRP.

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