AkuDreams dev squad locks up $33M for smart contract bug
The highly predicted nonfungible token project Akutars was damaged by both an exploit and a bug, causing over 11,500 Ether pricing almost $33M, to be closed up forever within a smart contract, elusive even to the development squad. The exploit was performed by someone striving to exhibit an exposure in the project and not snatch funds through a hack.
The program went live on Friday with a Dutch Auction. The auction cleared at 3.5 ETH with only 5,495 of the available 15,000 NFTs up for the exchange and the smart contract set to repay any bidders who were underbid. Owners of an Aku Mint Pass were also provided with a 0.5 ETH discount on every minted NFT.
The $33M Bug
0xInuarashi, a creator of multiple NFT programs, clarified that Akutars’ smart contract was coded so that repays to bidders had to be filtered first before the squad could revoke any funds. The agreement had a caveat that the least number of proposals had to be made before it would enable the squad to withdraw, but the least number of bids was set to amount to the quantity of NFTs available for auction.
Unfortunately, due to some consumers minting numerous NFTs within the same bid, the phrases of the treaty suggest it will never open, sealing away the nearly $33M in ETH forever.
In a now-deleted tweet posted by the Akutars that was shared by DeFi developer foobar, it said that developers reached out to them that their treaty could be influenced but occurred to shrug them off entirely as they tagged the probable exploit a “feature.” During the mint, a foreign individual enforced what is known as a “griefing contract,” which shut the ability of the Akutars agreement to process rebates to those who underbid.
The individual even embedded a message on the blockchain to the Akutars squad saying they would halt the contract- they had no goal of actually exploiting this lol. Otherwise, he wouldn’t have used Coinbase. Once acknowledgment is done that the exploit exists, he will eliminate the block immediately. The squad also said that it will be publishing 0.5 ETH repays to pass holders as well as airdropping the NFT to profitable bidders.
Have a look at this- Increasing Number of Exploits on BSC Raised Worries Over BSC’s Security