Error in smart contract of AkuDreams NFT project caused $34 million in damage
- April 24, 2022
- 0
Due to a mistake of the AkuDreams team, the Dutch auction of the NFT project ended with the loss of user funds. More than 11,539 ETH (~$33.93 million)
Due to a mistake of the AkuDreams team, the Dutch auction of the NFT project ended with the loss of user funds. More than 11,539 ETH (~$33.93 million) is permanently locked in the smart contract.
$34 million, or 11,539 eth, is permanently locked into the AkuDreams contract forever. It cannot be retrieved by individual users or the development team.
Completed refund action sets each offer status to 1. pic.twitter.com/6GnQPnddC6
— foobar (@0xfoobar) 23 April 2022
“$34 million or 11,539 ETH is permanently locked in the AkuDreams smart contract. They cannot be retrieved by individual users or the project team,” the developer wrote under the pseudonym 0xfoobar.
At the end of the auction, the losing participants were required to withdraw their ETH, but due to an error in the contract logic, they are unable to use the Emergency Withdraw() function responsible for withdrawing funds.
According to 0xfoobar, the project team also cannot withdraw assets “due to incorrect increment math”.
AkuDreams team approved briefed on the error, emphasizing that the incident occurred as a result of “non-malicious exploitation”. “Someone was able to break processRefunds() by placing a bet on a contract,” explained 0xInuarashi, founder of NFT project Gangster All Star.
3/ This was the reason for the exploit of a better known grub contract that could call the offer function as a failing return (because they didn’t disable the contract call).
In short, someone could propose and break the processRefunds() method by bidding from a contract.
— 0xInuarashi (@0xInuarashi) 23 April 2022
AkuDreams developers stated that they will compensate users for their losses (0.5 ETH for each victim). The repayment will be made on Monday or Tuesday – the reserve of the project treasury will be used for this.
Update:
Return to .5E Pass Holders
– will be honored
ETA: Monday/Tuesday
Why? The bank opens on Monday. The money from the department treasury will be used.acutes
– It will be airborne
– Audit contract to ensure accuracy
-ETA:Sunday— Wait for the official Akutar OpenSea link
— Aku :: Akutars (@AkuDreams) 23 April 2022
Recall that in March, an unknown person stole $790,000 from the owners of the Rare Bears NFT collection.
Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
