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Milady Founder Reveals $1 Million Embezzlement Crisis and Twitter Takeover: What Happened?

Milady Founder Charlotte Fang disclosed this shocking incident in a tweet, where she detailed how the developer, previously involved with the "Bonkler" project, siphoned off $1 million in fees designated for Remilia, a critical component of the Milady ecosystem.

Milady's Founder Reveals Developer Theft

Non-Fungible Token (NFT) platform Milady is grappling with a severe crisis after its founder, Charlotte Fang, unveiled a shocking embezzlement of approximately $1 million by a developer. The developer siphoned off funds, seized control of the project's codebase, and hijacked the official Twitter account, plunging Milady into turmoil, according to the Milady founder.

Charlotte Fang disclosed the audacious theft orchestrated by the developer, previously associated with the project "Bonkler." This rogue actor diverted the $1 million in generated fees earmarked for Remilia, a vital component within the Milady ecosystem.

Source: Milady Website

Safeguarding the Core Elements

According to Fang, the incident did not compromise the safety of Bonkler's reserves, the primary contract, or the related NFTs. However, Remilia's revenue derived from Bonkler was affected. Consequently, Milady temporarily suspended Bonkler's daily minting process while unveiling plans for an extensive upgrade (v2). This upgrade is set to include Bonkler-collateralized loans and treasury deployment.

The developer's audacity extended beyond embezzlement. They reportedly sought to command Milady's social media accounts, collaborating with two other team members in this endeavor. Later, they demanded a significant portion of the project's treasury and NFT reserves. However, their actions proved to be a critical error in judgment.

Milady's team swiftly identified the individuals responsible for the breach and pledged to pursue legal action against them. Charlotte Fang emphasized her commitment to reclaim all stolen assets and ensure that those who endangered the Remilia project for financial gain will face severe consequences.

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