Ethereum-based NFT project Milady Maker has been exploited by a developer who took $1 million from the project.
In this week’s newsletter, read about how Google will start allowing games featuringto advertise and promote themselves using its platform and how a developer stole $1 million in assets from the Milady NFT collection. Check out how an insurance company excluded NFTs from a $20-million policy and how the metaverse is “hot” in Asian markets like Hong Kong, Korea and Japan. And don’t forget this week’s Nifty News featuring Binance ending its support for Polygon-based NFTs.
NFT games that let players purchase in-game items, such as weapons or armor for characters, that enhance the user experience will be allowed. However, games that let players stake NFTs or wager their assets for rewards like crypto or other NFTs are still not allowed.Ethereum-based NFT project Milady Maker has been exploited by a developer within its ecosystem who stole $1 million in generated fees from Remilia, the decentralized autonomous organization behind Milady.
A co-founder of the collection, Charlotte Fang announced on X that they had identified the people involved in the attack and would pursue legal action against them. The executive said that they are expecting all of their property to be returned.United States-based commercial insurer CNA Financial has excluded NFT coverage from a $20-million policy. In an SEC filing, the insurer attached an exclusion to the document about Schwab Strategic Trust’s policy.
The exclusion highlighted that the bond will not cover damages, losses or lawsuits related to NFTs. The document defined NFTs as any digital identifier connected to digital ledger technology.While the metaverse may not be gaining as much traction in Western countries, The Sandbox co-founder and chief operating officer Sebastien Borget said that it’s “hot” in Asian markets.
According to the executive, roughly 50% of its business has come from several Asian countries, such as Hong Kong, Korea and Japan. “If you don’t focus on Asia, you will think the metaverse is dead from the North American and the Western side,” Borget said.Plans for an NFT-based restaurant and lounge project in San Francisco have ended after the team behind the company said that construction could not proceed due to challenging economic factors.
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NFT collection Milady exploited by developer stealing $1M in feesMilady Maker, an NFT project on the Ethereum blockchain, has fallen victim to a $1 million fee exploit by a developer in the Remilia ecosystem.
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