One of Shiba Inu’s (SHIB) main competitors, Milady Meme Coin (LADYS), recently experienced a significant hijacking attempt by certain members of its development team. According to an update shared on the X app by Charlotte Fang, a prominent developer in the Milady Meme Coin community, this hijack attempt was orchestrated by a developer who had previously worked on Bonkler and took actions that allowed them to divert approximately $1 million in fees generated by Remilia.
Although the situation took the team by surprise, Fang mentioned that the attackers made some miscalculations, leading to their identification. Some of the innovative components within the meme coin ecosystem were compromised, particularly Remilia’s earnings from Bonkler.
As a preemptive action, the team has temporarily halted the minting process on Bonkler and is in the process of planning a V2 upgrade that will facilitate the reactivation of the protocol. Importantly, this forthcoming upgrade is intended to overhaul the security framework of the entire protocol.
The Milady Meme Coin protocol has carved out its own niche within the digital realm and made its entry into the Web3.0 ecosystem through an announcement by Elon Musk, implying a connection reminiscent of Dogecoin with the outspoken billionaire at the time. This incident can be seen as the protocol’s first significant security breach since its inception.
Amidst the hijack scare, Fang has assured that all Remilia NFTs, metadata, and domains remain secure. She added that the attack has not compromised the integrity of existing Bonklers. Surprisingly, this reassurance seems to have worked like a charm, as the community has responded with relative calm instead of the typical panic selling often seen in response to bearish news.
As of the current moment, LADYS is trading at a price of $0.00000003162, marking a 2.42% increase over the past 24 hours. This level of coordination suggests that the meme coin sphere is moving beyond its usual erratic volatility.
This news is only analytical and informative and is not a recommendation for investment in any way.
