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Milady NFTs plunge 40% as legal dispute among founders accelerate

By:
on Oct 2, 2023
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  • Milady NFT collection struggles as founders indulge in a legal battle.
  • The Ethereum-based NFTs saw their floor price plunge 40% in September.
  • The NFT market has deteriorated amid prolonged bearishness.

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NFT project Milady Maker continues to face unexpected events since its pseudonymous founders clashing with lawsuits. The collection leaders accused each other of exploiting the platform’s social media sites and fees.

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While not new to controversies, Milady Maker has seen massive turmoil since the accusations emerged on September 11. While project creators battle on social media and in court, the NFT plunged by 39% in the second half of September. DeFiLlama data shows floor prices dipped to $3,460 (2 Ether).

Source – DeFiLlama
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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

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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.

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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.

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