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Milady Meme Coin (LADYS) Under Siege: What's Happening?

Tue, 09/12/2023 - 14:11
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Godfrey Benjamin
Milady Meme Coin hijacked by developers on team, but with minimal damage
Milady Meme Coin (LADYS) Under Siege: What's Happening?
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One of Shiba Inu's (SHIB) top rivals, Milady Meme Coin (LADYS), has notably suffered a major hijack attempt from some members of its developer team. According to an update shared on the X app by Charlotte Fang, one of the leading developers in the Milady Meme Coin ecosystem, the hijack attempt was orchestrated by a developer who worked on Bonkler and took steps that allowed him to divert approximately $1 million in Remilia's generated fees.

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While the situation caught the team unawares, Fang noted that some miscalculations were made by the attackers, which has led to their identification. Some of the innovative engines in the meme coin ecosystem were compromised, particularly, Remilia's revenue from Bonkler.

As a proactive measure, the team has paused minting on Bonkler temporarily, with a planned V2 upgrade that will help reactivate the protocol once again. Notably, this planned upgrade is designed to reboot the security infrastructure of the protocol as a whole.

The Milady Meme Coin protocol exists in a world of its own and entered the Web3.0 ecosystem through an announcement from Elon Musk that suggests a Dogecoin-like association between the project and the vocal billionaire at that time. This attack can be considered its first major attack since its inception.

Relative calm of LADYS

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Despite the hijack scare, Fang confirmed that all Remilia NFTs, metadata and domains remain secure, adding that the attack does not affect the sanctity of existing Bonklers. This consolation appears to be playing a magic trick as there has been relative peace in the community instead of the usual panic selling that often accompanies such bearish news.

At the time of writing, LADYS is changing hands at a price of $0.00000003162, up by 2.42% in the past 24 hours. This shows coordination, which suggests the meme coin world is transcending its usual erratic volatility.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.