The founder of the renowned blockchain project, Milady, Charlotte Fang, has revealed that a rogue developer embezzled approximately $1 million from the project’s treasury. This developer not only made off with a substantial sum of money but also seized control of the project’s code base and even took over the official Twitter account. The incident has sent shockwaves throughout the cryptocurrency community and raised concerns about the security of digital assets.
The startling revelation came in the form of a Twitter post from Charlotte Fang herself, who expressed her dismay over the situation. In her tweet, Fang disclosed that the developer, who had been involved with the project known as “Bonkler,” managed to divert around $1 million USD in generated fees meant for Remilia, a crucial component of the Milady ecosystem.
Good morning. A developer who worked on Bonkler took steps that allowed him to divert ~$1MM USD in Remilia’s generated fees.
The Bonkler reserves, main contract and NFTs are safe; only Remilia’s revenue from Bonkler was compromised.
We’ve temporarily paused Bonkler’s daily mint… pic.twitter.com/1QOQDiXka3
— ♡ Charlotte Fang 🐉 Crown Prince (@CharlotteFang77) September 11, 2023
Thankfully, the incident did not compromise the safety of Bonkler’s reserves, the main contract, or the associated NFTs. However, it did impact Remilia’s revenue from Bonkler. In response to the breach, the project temporarily suspended Bonkler’s daily minting process. Plans for a comprehensive upgrade (v2) were revealed, which would include Bonkler-collateralized loans and treasury deployment.
The developer’s audacity didn’t stop at embezzlement. It was revealed that this individual also attempted to seize control of Milady’s social media accounts, and he conspired with two other team members in this effort. This was followed by a demand for a significant portion of the project’s treasury, including its NFT reserves.
However, this group’s actions proved to be a grave miscalculation. Milady’s team quickly identified the individuals responsible for the breach and vowed to pursue legal action against them. Fang expressed her determination to ensure that all property stolen from the project would be returned.
Charlotte Fang made it abundantly clear that those who threatened the Remilia project for financial gain would face severe consequences. The attack wasn’t just on Milady’s team or vision; it was an assault on the entire Milady community and its faith in the project.
The incident reminded the crypto world of the critical importance of security and vigilance within the blockchain space. Fang emphasized that despite the challenges, Remilia’s reserves remained unaffected, assuring all participants that their assets were secure.
In conclusion, this audacious breach at Milady serves as a stark reminder of the ongoing risks and challenges in the world of cryptocurrency and blockchain projects. Founder Charlotte Fang’s unwavering commitment to justice and the safety of her project’s community underscores the resilience and determination that drive the crypto community forward.
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