NFT project Milady Maker continues to face unexpected events since its pseudonymous founders clashed with lawsuits. The collection leaders accused each other of exploiting the platform’s social media sites and fees.
Although the controversies are not new, Milady Maker has faced tremendous turmoil since the allegations emerged on September 11. As project creators battled each other on social media and in court, the NFT fell 39% in the second half of September. DeFiLlama data shows that rock bottom prices have fallen to $3,460 (2 Ether).
Milady’s legal dispute
Charlotte Fang, co-founder of the Milday NFT Collection, revealed that a developer working 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 take control of our social media, followed by demands for a significant portion of our treasury, including NFT reserves.”
Milady’s controversy
Launched in 2021, Milady Maker is an Ether-based NFT collection with over 10,000 generative profile photos. Although its success spread like wildfire and attracted prisoner enthusiasts from different walks of life, the project remained controversial.
The company’s CEO, Charlotte Fang, faced a tough time in 2022. In addition to the accusation that he was behind the anonymous user (4chan), a misogynist, the accusations that he convinced underage girls to indulge in self-harm damaged the image from the founder.
As a result, the NFT price fell from 1.5 Ether (at the time) to 0.34 Ether. Nevertheless, Charlotte cooled the heat after publicly apologizing for his actions.
The non-fungible token market is enduring a long winter, and fraud incidents could continue to dent the sector. Meanwhile, these events underscore the urgent need for security in the NFT market.
The post Milady NFTs drop 40% as legal disputes between founders accelerate appeared first on Invezz.