AkuDreams faces a nightmare as team locked up from $34M Takings

 

AkuDreams NFT Project Suffers Exploits

The team behind AkuDreams has had a terrible experience with the much-hyped launch of AkuDreams. 

While the eagerly awaited avatar collection went live on Friday with a Dutch Auction code, there were a few setbacks caused by issues in the smart contracts code. The auction opened at 3 Ethereum. It was premised that the lowest price would be the final price and anyone who placed higher bids would get a refund. AkuDreams Pass holders were promised a 0.5 Ethereum discount for each NFT they created. 

A bug in the contract allowed an exploiter to stop withdrawals and refunds. Auction participants who bid more than the final NFT could not receive the Ethereum that they were due. Both withdrawals and refunds could not be processed due to the bug in the contract. Popular Twitter personalities 0xInuarashi foobar twitter storms were posted about the incident and helped to bring attention. 

After the attacker had highlighted the issue in several on-chain messages and unblocked it, the attacker then made the exploit available again. This allowed users to receive their refunds. “Well, this was fun, had no intention of actually exploiting this lol. I will immediately remove the block if you guys publicly admit that the exploit exists. – USER221” One message read. 

The AkuDreams team acknowledged the issue early Saturday, saying that the exploit “was not done out of malice” and that it was looking into the incident. “To be clear this is our fault,” the announcement added the team then promised that it would return money to the community.It confirmed later that NFTs will be airdropped on bidders and would honour refunds for pass holder who are owed a 0.55 Ethereum discount. 

Update:

Pass Holders Refunds up to.5E
– Will be honored
– ETA: Monday/Tuesday
– Why? Bank opens Monday. The money from Chapter Treasury will be used.

Akutars
– Will be airdropped
– Auditing contract to ensure accuracy
– ETA: Sunday

– Wait for the official Akutar OpenSea link

— Aku :: Akutars (@AkuDreams) April 23, 2022

While it looks like the team is making efforts to make sure the community is made whole, the team itself hasn’t gotten off so lightly. An additional exploit has kept the contract locked to its takings of 11,539.5 Ethereum. That’s about $34.2 million that’s likely gone forever.

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