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Milady Maker is a collection of 10,000 generative, anime styled profile picture NFTs on Ethereum, created by Remilia Corporation (also styled Remilia Collective) and led publicly by the pseudonymous [[Charlotte Fang]]. Beyond its market history, Milady is inseparable from controversy: a May 2022 admission that Fang had operated a persona called Miya accused of posting extremist and hateful content, a 2023 to 2024 "Milady vs Milady" lawsuit war between Fang and former collaborators, and a March 2024 treasury drain never publicly resolved as either a hack or an inside job. The collection is also the direct progenitor of the [[Redacted Remilio Babies]] and [[retardio]] lineage, and its neochibi aesthetic became a template other PFP projects imitated.

## Origin

Milady Maker's minting opened August 25, 2021 per the community run Remilia wiki, with a tiered mint price starting at 0.08 ETH for a single Milady down to 0.06 ETH each for bulk purchases of 30; the collection did not fully mint out until April 19, 2022, about eight months later. Other outlets place the launch a few weeks earlier, citing an August 10, 2021 website launch and a 0.05 ETH mint price; both figures are reported here as the launch window rather than resolved to one number.

The aesthetic is neochibi, drawing on Y2K era Tokyo street fashion subcultures, with artist Sprite Bonkler credited for the core visual design. By the end of 2021 the floor price had already reached 0.2 ETH, and by March 2022 the rarest "SS" tier Milady sold for 15 ETH, then about 45,000 dollars.

## Charlotte Fang

Charlotte Fang's real identity has been publicly reported in press coverage of the 2023 lawsuits as Krishna Okhandiar, a Nevada resident. Fang's public persona cultivates its own ambiguity: the X account bio pairs female coded language such as "Crown Prince" with heart emoji framing, and press coverage of Fang has used inconsistent pronouns, some outlets "he," others "she." This article follows the wiki's standard handling of pseudonymous trench figures, using the Fang name and handle throughout and they and them wherever a pronoun is unavoidable.

## The Miya controversy

On May 23, 2022, pseudonymous DefiLlama developer 0xngmi published a thread alleging Fang had previously operated an account under the persona "Miya" that posted extremist and hateful content, including antisemitic and racist material and content disparaging women and gay people, and alleging ties to an online community called SystemSpace that critics linked to the 2017 suicide of a 17 year old in Canada.

Fang responded within days rather than denying the link. A May 21, 2022 post read, "OK, full disclosure: I was Miya. And its toxic baggage that's hurting Milady community & poisoning the vibe." Fang separately characterized the Miya persona's material as "critical satire" and an "artist's duty to explore critique," while also writing, in an essay defending the work, "Cancel Miya to me or I'll fucking kill you." The same week, Fang announced they were stepping down from Milady leadership, handing day to day control to community members YOJIMBO_KING and Milady_Sonoro. Fang later described that departure as "performative," saying they never actually left, and legal filings in the 2023 lawsuits confirmed Fang remained involved in daily operations throughout.

A companion collection, "Milady, That B.I.T.C.H.," had already drawn separate controversy in September 2021, when some randomly generated avatars wore shirts reading "Treblinka," the name of a Nazi death camp, and the project's own rarity tier naming used "SS" as its highest grade. Remilia called both instances the product of random generation and Japanese gaming rarity conventions rather than intentional references, a defense contested by critics given the surrounding Miya allegations.

The market reaction was immediate: the collection lost between 60 and 75 percent of its value within one to two and a half weeks depending on the source, with floor prices cited in the range of about 0.26 to 0.34 ETH, roughly 470 to 675 dollars at the time, down from a peak average near 6,000 to 6,300 dollars in April 2022.

A November 17, 2022 community authored rebuttal reframed the Miya material as collaborative "satirical performance art" and an "open secret" inside the community, disputed the suicide cult framing by arguing SystemSpace was an alternate reality game inspired by the anime Serial Experiments Lain, and said no victims of the alleged grooming accusations had been identified. That rebuttal is reported here as the Remilia aligned counter narrative, not as a neutral finding.

## The "Milady vs Milady" lawsuits

On September 10, 2023, Fang, named as Krishna Okhandiar, sued three former collaborators, Maxwell Roux, John Duff and Henry Smith, in the US District Court for Nevada, alleging they tried to seize Remilia's intellectual property, funds and social accounts to extort an equity stake. On September 22, 2023, those three plus a fourth, Bruno Nispel, filed a countersuit in the Delaware Court of Chancery claiming co founder status dating to a September 2021 joint venture, and accusing Fang of unilaterally incorporating Remilia entities, removing them from the multisig treasury wallet and email accounts, draining roughly 600,000 dollars and then a further 1.7 million dollars in digital assets, and running a smear campaign. Fang's side called the countersuit baseless and filed without jurisdiction.

The dispute over founding dates itself became part of the record: Fang maintains Remilia was founded in January 2021, while the countersuing former colleagues say it began as a joint art collective in September 2021, with co founder Henry Smith stating the first Milady artwork was made for his personal Twitter account as early as August 2020.

The lawsuit fight moved the market again. Milady's floor fell 39 percent over two and a half weeks in late September 2023 to about 2 ETH, roughly 3,460 dollars, even as the collection remained one of Ethereum's most traded, with over 10 million dollars in trailing monthly volume and a market capitalization near 33 million dollars per CoinGecko at the time. Fang later withdrew the Nevada suit earlier in 2024 per subsequent reporting, but the underlying asset and governance disputes were not reported as formally resolved, and remain unresolved in public reporting as of this writing.

## The 2024 treasury drain

On March 16, 2024, blockchain security firm PeckShield flagged roughly 1 million dollars in ether moving out of a Remilia treasury wallet to a separate address, with about another 1 million dollars in ether still sitting in the draining wallet at the time of reporting; multiple Milady related NFTs and NFTX staked positions were also affected. Fang said publicly they had "got drained," implying an external hack, but the exact mechanism was never confirmed. The incident followed directly on the heels of the co founder ownership disputes, and public reporting has left the question of hack versus inside job unresolved.

## Market highs

On May 10, 2023, Elon Musk tweeted a Milady image captioned "There is no meme, I love you." Besides repricing Milady NFT floors, the moment spawned the unaffiliated Ethereum meme coin [[Milady Meme Coin]] (ticker LADYS), which surged over 5,000 percent in 24 hours; see that article for the coin's own market history.

Blockchain analytics firm Arkham traced [[GCR]]'s ezekielx.eth wallet buying over 410,000 dollars of Milady NFTs, more than 300 of them between January and March 2023, and selling about half roughly three months later, after the Musk tweet repriced the floor.

Remilia launched "Cult" (ticker CULT) on Ethereum in December 2024 as what Fang called a "metamemecoin or memeplexcoin" tied to the Milady ecosystem. Its presale raised roughly 20 to 20.5 million dollars in about six hours, and fully diluted valuation peaked near 845 million dollars shortly after; tokenomics allocated 50 percent to a "Cult Fund," 15 percent to the team on an 18 month vest, and the remainder to treasury on a 6 month vest.

In January 2026, Ethereum cofounder [[Vitalik Buterin]] bought Milady #9286 for 5.82 ETH and set it as his X profile picture, posting, "Welcome to 2026! Milady is back," which drove a reported 30 to 50 percent floor price jump depending on the source.

## Current status

As of August 2026, Milady Maker's floor trades around 1.09 ETH, about 2,050 dollars, with roughly 5,170 owners and a market capitalization near 20.5 million dollars per CoinGecko; the CULT token trades around 0.000121 dollars with a market capitalization near 6.9 million dollars. Both figures sit far below their respective 2024 to 2025 peaks.

## Legacy

Milady is widely credited as the direct progenitor of the [[Redacted Remilio Babies]] and [[retardio]] lineage, and as the template for the neochibi, post ironic, extremely online NFT aesthetic that later collections imitated. Its drip score system, which ranks the cohesion of accessory themes over pure rarity, remains a reference model cited by other PFP projects.

## References

- https://wiki.remilia.org/Milady_Maker
- https://spaace.io/blog/milady-maker-nft-story/
- https://www.datawallet.com/crypto/what-is-milady-nft
- https://nftpricefloor.com/milady
- https://www.dlnews.com/articles/people-culture/milady-nfts-lose-a-third-of-their-value-as-founders-fight/
- https://www.theblock.co/post/282972/remilia-founder-charlotte-fang-claims-he-was-hacked-as-treasury-is-drained-of-millions
- https://dailycoin.com/milady-maker-nft-crashes-founder-tied-with-suicide-cult/
- https://www.jumpstartmag.com/milady-maker-a-look-into-the-seedy-underbelly-of-nft-art/
- https://iq.wiki/wiki/charlotte-fang
- https://nftevening.com/milady-nft-project-what-is-all-the-drama-about/
- https://cryptopotato.com/co-founders-of-remilia-file-lawsuit-in-new-milady-vs-milady-case-against-charlotte-fang/
- https://www.ccn.com/news/milady-nft-founder-sues-stealing-income-ip/
- https://www.coingecko.com/en/nft/milady-maker
- https://info.arkm.com/research/gigantic-rebirth-crypto-trader
- https://www.cryptotimes.io/2026/01/02/milady-nft-floor-price-rises-50-after-vitaliks-profile-update/
- https://www.coingecko.com/en/coins/milady-cult-coin
- https://x.com/CharlotteFang77

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