The launch of Aku ETH NFT just ended with $34 million locked in buggy smart contracts as bugs in the project launch code made the coins inaccessible, so let’s read more in our latest Ethereum news today .
The launch of Aku ETH NFT hit a snag as the bugs in the smart contract locked up $34 million worth of coins and the developers will be issuing refunds this week and dropping the NFTs to buyers using the new smart contract. The anticipated ETH NFT launch on Friday went awry when bugs in the project’s code locked up $34 million worth of coins that the creators of the NFT buyers now cannot access. The launch was for Akutars, a 3D avatar project and latest release based on Aku, the character created by the former Major League Baseball player Micah Johnson The character is a young black boy who dreams of becoming an astronaut, inspired by real-life questions asked by Johnson’s nephew.
🚨 Akutar sale starts at 4:30 am
PM EST 🚨
Drop link 🔗: https://t.co/A4sK9YoNk9 pic.twitter.com/csGvhV23VB
— Aku :: Akutars (@AkuDreams) April 22, 2022
The Akutars project includes 15,000 ETH avatars with random traits, with previous NFT owners being granted one free avatar for every prize they owned. The remaining 5,500 Avatar NFTs were launched on Friday, starting at 3.5 ETH, with the price gradually dropping. When the launch started, a Twitter user named Hasan warned about the problem with the smart contract, writing that he was told by the Aku developers that they were wrong and reassured that there were failsafes in place, to prevent the problem.
However, someone going by the name of USER221 triggered the exploit that halted both ETH withdrawals and contract refunds as per threat from ETH developer 0xlnuarashi. After the exploit, there was a note asking the developers to please bug bounty the contracts or have them reviewed. The user sent the separate note to the ETH transaction, he wrote that he will effectively unlock the project:
“Well that was fun, didn’t mean to take advantage of it factually lol. Otherwise I would not have used Coinbase. Once you publicly confirm that the exploit exists, I will unblock it immediately.”
And the team can’t claim because totalBids is forever stuck at a higher number than refundProgress due to bad increment calculation. pic.twitter.com/9pavQRd3g5
— foobar (@0xfoobar) April 23, 2022
The project started working again but then another bug popped up and the developer thread described a bug in the developer’s smart contract code that didn’t account for multiple NFT coins in the same transaction and the contract requires that the numbers strung together and allowing payouts of any kind. The project tweeted:
“The exploit in the contract was not committed out of malice; the person tasked with raising awareness of best practices for highly visible projects and novel mechanics. They quickly unlocked the exploit after we dug in and took ownership.”
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