Home NFT Milady NFTs plunge 40% as legal dispute among founders accelerate

Milady NFTs plunge 40% as legal dispute among founders accelerate

by Melai Briones

Milady Maker, an NFT project, has been embroiled in a series of unexpected events and controversies recently. The project’s pseudonymous founders have been clashing in lawsuits, accusing each other of exploiting the platform’s social media sites and fees.

The turmoil for Milady Maker began on September 11 when the accusations emerged. Since then, the NFT has seen a significant decline, with a plunge of 39% in the second half of September. Floor prices dropped to $3,460 (2 Ether), according to data from DeFiLlama.

One of the co-founders of the Milady NFT collection, Charlotte Fang, revealed that a developer who worked on the project had diverted fees worth $1 million from Remilia, a decentralized autonomous organization behind the non-fungible tokens. Fang also stated that the developer had seized codebases and coordinated with two others on the team in an attempt to gain control of their social media platforms and demand a significant portion of their treasury, including the NFT reserves.

This legal dispute comes as no surprise given the controversial nature of the Milady Maker project. Launched in 2021, it is an Ether-based NFT collection featuring over 10,000 generative profile photos. While it gained considerable traction and attracted enthusiasts from various backgrounds, the project has faced its fair share of controversies.

In 2022, the company’s CEO, Charlotte Fang, faced allegations that he was behind an anonymous user on 4chan who made misogynistic comments. Furthermore, there were accusations that he had convinced underage girls to engage in self-harm. These allegations severely damaged Fang’s reputation and resulted in a significant drop in the NFT price, from 1.5 Ether to 0.34 Ether at the time. However, Fang publicly apologized for his actions, which helped to pacify the situation.

The ongoing legal dispute and controversies surrounding Milady Maker highlight the urgent need for security in the NFT market. As the non-fungible token market endures a prolonged winter and fraud incidents continue to dent the sector, investors and collectors need assurance that their investments and creations are protected.

In conclusion, Milady Maker’s NFT collection has suffered a 40% plunge due to a legal dispute among its founders. This comes in addition to previous controversies surrounding the project. The incident underscores the importance of security measures in the NFT market to prevent frauds and protect the interests of investors and creators.

References:
– Milady NFTs plunge 40% as legal dispute among founders accelerate – Invezz

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