Popular NFT launch on Ethereum loses $34 million in faulty smart contract
NFT project Aku Dreams' much-hyped NFT launch landed $34 million worth of Ethereum inaccessible forever due to a faulty smart contract
By Shashank Bhardwaj
Image: VIA Akutars
The much-anticipated NFT launch of the Aku Dreams collection was abruptly halted due to some apparent flaws in the project’s code. The launch hit a snag after a bug in the smart contract caused $34 million worth of Ether tokens to be locked forever. The tokens will be inaccessible to the creators as well as buyers. The creators won’t be able to withdraw funds, and the buyers won’t get their promised 0.5 ETH refunds.
Aku Dreams is a 3D avatar NFT collection based on the original character Aku by Micah Johnson, the Major League Baseball player. The character Aku is a young black boy who dreams of becoming an astronaut. The collection was inspired by a question posed by Johnson’s nephew.
The project boasts of over 15,000 Ethereum avatars with randomised traits. The owners of earlier Aku NFTs were to be granted a free avatar for each NFT they held. The remaining 5,500 avatar NFTs were launched via a Dutch Auction at the initial price of 3.5 Ether ($10,350 approx.). The Friday launch had prices subsequently decreasing as the auction progressed further.
The Aku developers had been informed by a Twitter user of a possible flaw in the smart contract. The claim was snubbed as ‘wrong’, and the developers assured the community of failsafes deployed to prevent such issues. However, the suspected exploit was triggered by a person with the username USER221, which led to Ethereum withdrawals and refunds halting midway, and the smart contract disallowing any further transactions.
The exploiter claimed they had no intention of actually exploiting the code and urged the developers to ‘please do bug bounty on your contracts or have them audited at least’. They attached a note on the Ethereum transaction that said they would effectively unlock the project. They wrote, “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 project encountered another snag after a separate bug in the smart contract code came up. The bug caused the code to fail to account for multiple NFT mints occurring within the same transaction. The ultimate consequence was that 11,539 ETH worth $34 million had been locked within the automated smart contract since Friday.
Later on, Aku’s developer team posted on Twitter, “The exploit in the contract was not done out of malice; the person intended to bring attention to best practices for highly visible projects & novel mechanics. They unblocked the exploit quickly after we dug in and took ownership”. Micah Johnson wrote an apology on Twitter, owning up to his mistake of not acknowledging the earlier warning from the developers about the flawed code.
Shashank is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
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BTC and ETH will break all-time highs in 2022: Celsius CEORead More..
Blockchain games are leading the DApp industry: DappRadar reportRead More..
Finance Minister Nirmala Sitharaman calls for global crypto regulationsRead More..
WazirX co-founders shifting base to DubaiRead More..
Blockchain.com reportedly exploring IPO this yearRead More..
CoinDCX raises over $135 million in fresh funding round, now worth $2 billionRead More..
Atari terminates blockchain joint venture with ICICB GroupRead More..
Monero's July hard fork confirmed by its communityRead More..
Backed by Shark Tank's Kevin O'Leary, WonderFi set to acquire Canadian exchange CoinberryRead More..
US Govt Links North Korea to Axie Infinity HackRead More..
Jack Dorsey's first tweet NFT resells for only $280Read More..
Opera crypto browser now available on iOSRead More..
Beanstalk Stablecoin protocol loses $182 million in governance exploitRead More..
Jack Dorsey vs. Vladimir Tenev on Bitcoin transaction feesRead More..
Ripple claims 'a very big win' in SEC caseRead More..
Argentinian town to invest in crypto mining to fight inflation, upgrade rail infraRead More..
Pantera Capital closing fundraise for its blockchain fund after raising $1.3 billionRead More..
Homegrown blockchain co Polygon commits to go carbon neutral this yearRead More..
NBA registers four NFT trademarksRead More..
US crypto expert jailed 63 months for helping North KoreaRead More..
Fortnite developer Epic Games raises $2 billion to build for the metaverseRead More..
Indian companies storm the metaverse and NFT spaceRead More..
Coinbase is producing a movie trilogy on Bored Ape NFTsRead More..
Multiple Indian Twitter accounts hacked, NFT content postedRead More..
German police shut down $1.3 billion illegal darknet firmRead More..
Meta tests sale of virtual goods in metaverseRead More..
Bitcoin 2022 Conference: Bitcoin Maximalists attack national currenciesRead More..
Binance Gets In-Principle Approval to Operate as Crypto Broker in Abu DhabiRead More..
EU limits Russians' crypto investments to 10k EurosRead More..
Coinbase suspends UPI payments in India three days after launchRead More..
From KFC to Tesla, Dell: Crypto-curious corporations struggle to find right recipeRead More..
In Texas, crypto miners turn to solar powerRead More..
South Africa concludes technical Proof-of-Concept for its CBDC settlement systemRead More..
Terra buys $200 million in AVAX for reservesRead More..
Bitcoin will remain as a standard: Chess world champion Garry KasparovRead More..
Coinbase launches in IndiaRead More..
Meta working on virtual money 'Zuck Bucks': reportRead More..
Germany closes Russian darknet marketplace HydraRead More..
Britain paves way to accept stablecoinRead More..
Crypto industry reels from $600 million hackRead More..
NFT of Nelson Mandela's arrest warrant auctioned for $130,000Read More..
Bank of England calls for tighter regulation of cryptocurrenciesRead More..
ECB's Lagarde 'concerned' about crypto use to dodge Russia sanctionsRead More..
Crypto provides fix for some in crisis-hit AfghanistanRead More..
Bitcoin to the rescue: Cryptocurrencies' role in UkraineRead More..
Digital art in spotlight as Dubai makes crypto hub bidRead More..
G7 looks to thwart cryptoassets use as Russian sanctions dodgeRead More..
Can cryptocurrencies give Russia, others breather from economic sanctions?Read More..
Cryptocurrencies enter Russia-Ukraine conflictRead More..
Russia seeks to regulate cryptocurrenciesRead More..
Donald Trump's NFT collection to laud his own presidencyRead More..