July 24, 2024
Remilia Hacker Launders $4.3M via Tornado Cash
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Remilia Hacker Launders $4.3M via Tornado Cash

The hacker behind the $4.3 million Remilia exploit in March has funneled the stolen crypto assets through the crypto mixer Tornado Cash. On June 17, blockchain analysis firm CertiK revealed that 1,209.5 Ether (ETH) worth about $4.3 million was deposited into Tornado Cash. CertiK traced the assets to multiple addresses linked to the Remilia hack on March 16.

Addresses linked to the Remilia hack. Source: CertiK

Remilia, a decentralized autonomous organization (DAO) known for the Milady Maker non-fungible token (NFT) collection, fell victim to the hack three months ago. On March 16, Remilia and Milady founder Krishna Okhandiar, also known as Charlotte Fang, reported the incident, noting that significant amounts of ETH and NFTs were transferred to a wallet that liquidated the assets upon receipt.

Details of the Exploit

The hack was first brought to light by Dumpster DAO on X, which shared a screenshot of Remilia’s founder reporting the breach. The account also disclosed the address that received the assets from wallets associated with Remilia. Blockchain data indicated that the address sold Milady-linked NFTs, including staked NFTx assets, and transferred $1 million in ETH to another address.

Two days after the hack, a memecoin paying homage to Milady NFTs conducted a presale on the Solana network. On March 18, the meme token Milady Wif Hat (LADYF), inspired by the dog-themed memecoin Dog Wif Hat (WIF), raised 91,486 Solana (SOL) in just two hours, amounting to $18.7 million at the time. The presale was oversubscribed, prompting the team to announce that all additional SOL would be returned to the senders. However, since then, the token’s price has plummeted, hitting a new all-time low of $0.00001703 on June 14.

Aftermath and Clarifications

The creators of the Milady Wif Hat memecoin have clarified on their website that they are not associated with Charlotte Fang or the Milady Maker NFTs. “This token is simply paying homage to an NFT collection we all love and recognize,” they stated.

The use of Tornado Cash to launder the stolen assets highlights the ongoing challenges in tracking and recovering funds in the decentralized finance (DeFi) space. The Remilia hack is a stark reminder of the vulnerabilities that DAOs and NFT projects can face and underscores the importance of robust security measures to protect digital assets.

Image by Gerd Altmann from Pixabay

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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