Milady NFTs plunge 40% as legal dispute among founders accelerate

October 02, 2023 09:21 PM AEDT | By Invezz

Milady NFTs plunge 40% as legal dispute among founders accelerate — Image source: Invezz

Milady’s legal dispute

Milday NFT collection co-founder Charlotte Fang revealed that a developer who worked on the project diverted fees worth $1 million from Remilia – a decentralized autonomous organization behind the non-fungible tokens. Fang added,

“The developer also seized codebases and coordinated with two others on the team in an attempt to seize control of our social media, followed by demands for a significant portion of our treasury, including the NFT reserves.”

Milady’s controversy

Launched in 2021, Milady Maker is an Ether-based NFT collection including over 10,000 generative profile photos. While its success spread like wildfire, attracting prisoners enthusiasts from different walks of life, the project has remained controversial.

The company’s CEO, Charlotte Fang, faced it rough in 2022. Besides the accusation of him being behind the anonymous user (4chan), a misogynist, allegations of him convincing underage girls to indulge in self-harm damaged the founder’s image.

That saw the NFT price dropping to 0.34 Ether from 1.5 Ether (at the time). Nonetheless, Charlotte cooled the heat after publicly apologizing for his actions.

The non-fungible token market endures a prolonged winter, and fraud incidents may continue denting the sector. Meanwhile, these events underscore the urgent need for security in the NFT market.

The post Milady NFTs plunge 40% as legal dispute among founders accelerate appeared first on Invezz.

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