Hacker Siphons $4.3M in Crypto via Tornado Cash in Remilia Exploit
Summary:
A hacker exploited a weakness in the Remilia decentralized autonomous organization in March, making off with $4.3 million in cryptocurrency. Blockchain analysis firm CertiK revealed the stolen funds were deposited into crypto mixer Tornado Cash and traced to several accounts linked to the exploit. Two days after the hack, a tribute memecoin to the Milady NFTs successfully conducted a presale on the Solana network, drawing in more than $18 million within a few hours. An account on X named Dumpster DAO had initially publicized the hack. The stolen funds were exchanged and moved and the memecoin's value has declined since the presale.
In March, a cybercriminal made off with approximately $4.3 million in cryptocurrency due to a weakness in Remilia, subsequently disguising the ill-gotten gains through the crypto blender Tornado Cash. Blockchain surveillance outfit CertiK unveiled on June 17, that the hacker had poured 1,209.5 Ether (ETH), equivalent to roughly $4.3 million into Tornado Cash. Probing further, CertiK discovered that these funds were traceable back to several accounts connected with the March 16 Remilia exploit. Remilia is a decentralized autonomous organization (DAO) known for overseeing the Milady Maker nonfungible token (NFT) assortment.
It was about three months after the Remilia exploit when the stolen cryptocurrency found its way into the blender platform. The breach was initially announced by Krishna Okhandiar, otherwise known as Charlotte Fang,who is the creator of Remilia and Milady, on March 16, same day vast amounts of ETH and NFTs were moved to a wallet which later disposed of the assets. An account named Dumpster DAO on X, which made the hack public knowledge by posting a screenshot of Charlotte Fang's hack admission, also shared details of the address to which the assets were moved from the Remilia-connected wallets. Records from the blockchain showed this address trading NFTs tied to Milady, including pledged NFTx assets, as well as moving $1 million in ETH to another address.
Two days post-hack, a tribute memecoin to the Milady NFTs successfully ran a memecoin pre-sale on the Solana network. On March 18, Milady Wif Hat (LADYF), a memecoin whose concept was spun from the canine-themed memecoin Dog Wif Hat (WIF), gathered 91,486 Solana (SOL), which was around $18.7 million merely two hours after the announcement. The team, acknowledging that the presale was overrepresented, promised to reimburse the surplus SOL to the originators. Since that time, however, the asset's value has been on a decline, hitting a record low of $0.00001703 on June 14. The creators of the memecoin made it clear on their website that they have no links with Charlotte Fang and the Milady Maker NFTs, emphasizing that their token is simply a tribute to a beloved and recognized NFT collection.
Published At
6/17/2024 12:01:39 PM
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