TronWeekly

Crypto World News

You are here: Home / Archives for AkuDreams

AkuDreams

A Smart Contract Bug Locks up $33 Million on AkuDreams

by

AkuDreams, a highly anticipated NFT, has been affected by a smart contract bug. The smart contract bug exploited the smart contract that caused its auction to be disrupted and left them with a situation of not being able to access $33 million in funds.

The exploit and the smart contract bug affected the NFT project causing over 11,500 Ether worth $33 million to be locked in forever within the smart contract. The funds became inaccessible to even the dev team.

A costly smart contract bug

The exploit actually backfired when someone tried to prove a vulnerability in the contract and not steal funds through any hacks.

0xInuarashi, an NFT developer, took to his Twitter account to share the whopping $33 million smart xontract bug details.

He explained that the Akutars smart contract was designed in such a way that the refunds of the bidders had to be processed initially before the funds could be withdrawn from the contract by the team.

The flaw of the contract was that the contract had to pass a minimum number of bids to allow the team to withdraw the funds. But the minimum number of bids was set equal to the number of NFTs that were available for the auction.

But due to some buyers minting multiple NFTs in the same bid, the contract terms will be locked forever. This sealed the $33 million forever in the contract.

The team publicized the exploit as a feature

In what appears to be a deleted tweet, the Aku team completely neglected the exploit and labeled it a feature.

During the time of the mint, an individual exploited the contract which locked the contract’s ability to refund those who underbid. The individual also wrote a message to the Akutars team:

“Well, this was fun, had no intention of actually exploiting this lol. Otherwise I wouldn’t have used Coinbase. Once you guys publicly acknowledge that the exploit exists, I will remove the block immediately.”

The Kutars then wrote on their Twitter handle that the person was not trying to exploit the contract, instead, he was trying to bring attention.

The team announced on Sunday that the team rewrote its minting contract.

An NFT Project’s Launch Gets Spoiled By A Flawed Smart Contract

by

An NFT project called AkuDream’s highly awaited launch was marred by a Griefing Exploit in which a bug in the project’s smart contract code caused it to mistakenly lock away funds worth $34 million rendering the team unable to access the funds. This is how it unfolded.

The platform’s avatar collection went live with a Dutch Auction Friday. The auction opened at 3.5 Ethereum on the basis that the lowest bid would set the final price, and anyone placing a higher bid would receive a refund. AkuDreams pass holders were also promised a 0.5 Ethereum discount on each NFT they minted. 

However, the party was cut short when an ongoing exploit was brought to its notice, where attempts were made to freeze refunds.

As per a tweet sent out by a crypto developer, Foobar who posted coding showing that “$34 million, or 11,539 eths, is permanently locked into the AkuDreams contract forever. It cannot be retrieved by individual users or by the dev team.”

Image

The team behind the project noted the exploit and said: “We are locked down and consulting with some of the best on the next steps. We will mint your NFTs, and reveal them as soon as humanly possible. We will also be working to issue funds for those pass holders who bid with the intention of securing a price.5 ETH below the final price.”

The bug in the smart contract enabled the attacker to block refunds and withdrawals from the contract, meaning auction participants who bid above the final NFT price could not receive the Ethereum they were owed. Due to this, both refunds and withdrawals from the contract could not be processed. 

The NFT project’s Twitter handle said the exploit “was not done out of malice”

The AkuDreams team acknowledged the issue saying that the exploit “was not done out of malice” and that it was investigating the incident. “To be clear this is our fault,” the announcement read after the team promised it would return the lost funds to the community. 

It later confirmed that the NFTs would be airdropped to bidders, and it would pay refunds for the pass holders who are owed a 0.5 Ethereum discount. 

That said, Griefing attacks are distinct from traditional exploits, as the hacker does not actually profit from them. However, the users and the protocol still suffer.