September 12, 2023

Remilia & Milady Founder Reports $1 Million Loss and Code Takeover in Rogue Developer Heist

by Nik Asti

Published: September 12, 2023 at 2:52 am Updated: September 12, 2023 at 3:16 am

by Victor Dey

Edited and fact-checked: September 12, 2023 at 3:16 am

In Brief

Remilia Corporation and Milady Maker NFT’s CEO Charlotte Fang said that a developer embezzled about $1 million from the treasury and seized the code base, demanding the team hand over more funds and NFT reserves.

Charlotte Fang, the CEO of Remilia Corporation and Milady Maker NFT, disclosed that her organization fell victim to an internal scheme involving embezzlement of about $1 million, the unauthorized seizure of important code bases, and even the hijacking of the company’s social media accounts.

A $1M Dent in the Milady Treasury

According to Fang, the breach involved the misdirection of about $1 million in funds from Remilia’s generated fees. Remilia is one of Milady’s operations and seems to have been the primary financial target of the rogue developer. The incident did not affect other assets such as the Bonkler reserves and the main contract.

The company has since halted certain daily operations as a precautionary measure, but plans to resume them soon with system upgrades that were already in the pipeline.

Embezzlement of this scale is not just a financial hit but an operational setback. It compromises the trust between the team members and could potentially affect external relationships, including investors and partners who have stakes in Remilia and other Milady operations.

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

It appears that the rogue developer wasn’t acting alone but had coordinated with other team members in an attempt to wrestle control of the company’s assets and social media. Notably, the developer gained control of Milady’s primary X (Twitter) accounts. Such audacious moves not only reveal an internal power struggle but also raise questions about the organization’s cybersecurity measures.

Social media accounts and codebases are crucial for public relations and the smooth functioning of the business. Their unauthorized seizure put not just the company but also stakeholders and investors at risk.

Finding and Punishing the Perpetrators

The organization swiftly identified the individuals behind these actions and has terminated their employment. Fang reassures stakeholders that they are taking this seriously and will pursue the perpetrators to the full extent of the law. She emphasized that this was not merely an attack on the company but a direct violation affecting each individual who has placed faith in Milady’s vision.

This incident shines a light on the importance of governance and security protocols within organizations. It also prompts a reconsideration of the trust vested in team members who have access to sensitive company information and assets.

The event underscores the vulnerabilities that even well-established companies like Milady can encounter, even as they address the immediate impacts of the incident. Restoring the stakeholders’ trust is now the company’s priority, alongside legal action to hold the guilty parties accountable.

As Charlotte Fang stated, these actions were an attack not just on the company, but on its entire community. As Milady navigates this crisis, its resolve remains unshaken, and its commitment to its vision clearer than ever.

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Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

Nik Asti