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Remilia DAO Hacker Transfers $4.3M in Stolen Crypto Through Tornado Cash

Remilia DAO hacker moves $4.3M in stolen Ether through Tornado Cash, escalating post-March 16 exploit. Crypto community on high alert
June 18, 2024

In a bold move that has sent ripples through the crypto community, the hacker behind the Remilia DAO exploit has moved a staggering $4.3 million worth of stolen Ether through the notorious crypto mixer, Tornado Cash. This development marks a significant escalation in the aftermath of the Remilia hack that took place on March 16, which saw millions of dollars in non-fungible tokens (NFTs) and Ether siphoned from the decentralized autonomous organization (DAO) responsible for the Milady Maker NFT collection.

Tracing the Stolen Funds

Blockchain analysis firm CertiK revealed on June 17 that 1,209.5 Ether, valued at approximately $4.3 million, was funneled into Tornado Cash, a platform known for obfuscating the origin of crypto assets. The analysis traced the funds back to several addresses tied to the Remilia hack, highlighting the sophisticated maneuvers of the perpetrator. This movement of assets occurred nearly three months after the initial breach, underlining the hacker’s strategic patience.

NFT Liquidation and Asset Transfers

Shortly after the March 16 hack, Remilia and Milady founder Krishna Okhandiar, also known as Charlotte Fang, reported the breach, detailing significant transfers of ETH and NFTs to a wallet that swiftly liquidated the stolen assets. This incident was brought to wider attention by the Twitter account Dumpster DAO, which shared screenshots of the hack report and the receiving wallet address.

Blockchain data further showed that the hacker sold NFTs linked to the Milady collection, including staked NFTx assets, and subsequently transferred $1 million in Ether to another address. These actions have intensified scrutiny and concern within the crypto community about the security of digital assets and the effectiveness of current protective measures.

Milady Memecoin Presale Sparks Interest

In a curious twist, just two days after the hack, a new memecoin inspired by the Milady NFTs launched a presale on the Solana network. The token, named Milady Wif Hat (LADYF), drew significant interest, raising 91,486 Solana—worth $18.7 million at the time—within hours. Despite the presale’s success, the memecoin’s value has since plummeted, hitting an all-time low of $0.00001703 on June 14.

The creators of LADYF distanced themselves from Charlotte Fang and the Milady Maker NFTs, emphasizing on their website that the token was merely an homage to the popular NFT collection. This clarification came amid concerns about potential associations with the recent hack and its aftermath.

For now, the crypto world watches closely, as the ramifications of the Remilia hack continue to unfold and the hunt for the elusive hacker presses on.

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