Author: Nancy, PANews
Bear market drama continues. Following a series of "internal power struggle dramas" in multiple cryptocurrency projects, Milady, which was called out by Elon Musk, is now embroiled in internal conflict. Recently, Charlotte Fang, the founder of Milady, revealed that a developer had taken control of the official Bonkler project code repository and misappropriated approximately $1 million. Shortly after, Charlotte's claims were publicly refuted by Milady's creative director, Milady Sonora, who, in the name of "Remilia co-founder, management personnel, and managers," denied these accusations and instead pointed out Charlotte's dereliction of duty and misappropriation of Remilia's collective funds.
This news immediately caused community panic. NFTSCAN data shows that in the past 24 hours, Milady's average price has dropped by over 17.5%, and the sales volume has increased by approximately 107.9%. Despite facing founder FUD in the past, Milady, once a hot commodity, stood out among numerous NFTs with strong community consensus and even gained popularity due to Elon Musk's endorsement. However, the internal disputes within the team are once again posing a serious challenge to Milady.
Struggle for project control, mutual accusations of fund misappropriation
In the eyes of the public, the internal dispute within Milady, including the founder secretly establishing a personal company and transferring assets, unfair compensation for members after the project's success, and even being "abandoned," seems like a form of "colonialism" in the Web3 era.
On September 12, Charlotte stated on X platform that a developer at Milady misappropriated approximately $1 million from the Bonkler treasury and took control of the code repository, demanding the team to provide more funds and NFT reserves. Additionally, due to the control of Milady and Remilia's accounts by this developer, the team also created new accounts.
Charlotte also mentioned that relevant members have been locked out, and Milady will pursue their responsibilities to the fullest extent of the law. Currently, the minting of Bonkler NFTs has been temporarily suspended, but the community treasury, contracts, and NFTs are safe, and other series of NFTs have not been affected.
Charlotte's statement immediately drew attention and sparked discussions among netizens, but this event quickly saw a reversal. Sonora released a statement claiming that Charlotte was spreading false narratives unrelated to reality, attempting to disclose his own dereliction of duty and misappropriation of Remilia's collective funds before legal review and public disclosure. Three weeks ago, they wrote to Charlotte attempting to have him acknowledge that they were co-founders and provide the rightful equity and return all the funds withdrawn from the treasury. However, Charlotte's lawyer responded by requesting them not to publicly disclose those concerns and then filed a lawsuit, incorrectly referring to them as "independent contractors" and "terrorists."
Milady Sonora clarified the following points in the statement: (1) Remilia has always been a collective. The limited liability company created unilaterally by Krishna (Charlotte's real name) in Delaware does not own the collective's assets and was established without the knowledge or support of other co-founders; (2) We are co-founders, executives, board members, and equity holders, with signed contracts, text messages, phone records, and other evidence to prove it; (3) Bonkler's treasury has not been stolen, and the funds have always (and will continue to) be securely held by the auction contract controlled by one of the members, Ccccaa, with the approval of the Remilia co-founders; (4) Upon discovering that Charlotte had unauthorizedly transferred other funds from the collective treasury, we requested Charlotte to return $600,000 of the collective treasury assets transferred to his personal account, but he removed all other co-founders of Remilia from the multi-signature treasury after his public posts and lawsuits, withdrawing a total of $2.6 million worth of digital assets.
On-chain data shows that a total of over $1.85 million worth of USDC and USDT in the Remilia Collective has been transferred to a personal Coinbase account. Charlotte responded on X, stating, "After this (Bonkler code control) incident, I will transfer the treasury funds from cryptocurrency to a commercial bank account. I believe that the greed and abuse of power here largely stem from the lack of visibility of funds in low-level teams within the company."
According to the lawsuit, the members sued by Charlotte include John Duff III (Ccccaa), Henry Smith (Milady Sonora), and Maxwell Roux (Reginald). Interestingly, in May 2022, Charlotte announced his withdrawal and stated that Milady would be led by YOJIMBO KING and Milady Sonora.
In response, Charlotte once again stated that Remilia did not have co-founders, and from the beginning, he had sole control over the funds and operations. "Before establishing the limited liability company, I individually controlled the assets used to fund Remilia's operations, and they directly reached agreements with me and received compensation from the funds under my control. The core team working on Milady and Remilio received income shares and joined the company in regular positions, and these individuals never engaged in equity negotiations at that time or at any time. This lawsuit was due to the detention of company property before the request to transfer all stablecoins and NFT treasuries of Remilia to an entity controlled by five parties. They threatened to publicly expose and refused to comply with the injunction or participate in private arbitration. I took action to freeze Bonkler to protect the community's interests. The developer has no right to retain ownership of the Bonkler contract. Jimbo did indeed participate in the marketing promotion of Milady's launch and received corresponding compensation, but he rejected the co-founder's letter of intent."
Charlotte invites Jimbo to serve as co-founder and COO
It is worth noting that the lawsuit indicates that Remilia is undergoing large-scale financing.
Founder revealed to have worked for a data company funded by the CIA
Charlotte is a controversial founder, leaving impressions of "suicidal cults" and "racism" to the outside world, and his dishonest behavior has caused a crisis of trust within the community. Despite previously claiming to have withdrawn from Milady, in his latest response, he admitted that it was a staged handover and he never stopped participating in behind-the-scenes guidance.
Furthermore, X netizen @WazzCrypto revealed that Charlotte is currently employed at a company called Palantir Technologies, which is a major US data analysis company funded by the CIA, primarily serving government and financial institutions, including Wall Street, NSA, FBI, and CIA. Charlotte's real name is Krishna Okhandiar, and @WazzCrypto found that the lawsuit and Krishna Okhandiar on LinkedIn almost match in terms of work experience, IT background, and other aspects.
Interestingly, some NFT features within Milady also contain FBI elements, such as hats.
Following this lead, Charlotte's parents, Amit and Vazi Okhandiar, were found to have founded consulting service company mLogica and NR Computer Learning Center, with the former focusing on big data and cloud migration, seemingly providing NSA-style data monitoring, and the latter providing information technology (IT) and project management training. Charlotte previously held positions such as director of mergers and acquisitions at mLogica. In addition, Charlotte's mother, Vazi Okhandiar, seems to have some connection with former US Secretary of State Hillary Clinton and Congresswoman Loretta Sanchez, as they have been photographed together in public. However, these speculations lack substantial evidence.
In conclusion, this farce within Milady further exposes the chaos in Web3 company governance. The ultimate outcome of the internal strife will have to be left to time. Currently, restoring user trust and brand reputation is a major challenge that Milady urgently needs to address.
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