NFT auction participants from AkuDreams lost $34 million
The reason was an error in the smart contact responsible for the withdrawal of funds
25.04.2022 - 08:20
199
2 min
0
What’s new? The Dutch auction for the sale of NFT Akutars from the AkuDreams project ended with the loss of participants’ funds. The event took place on Friday, April 22. The model of the Dutch auction involves lowering the bid from the maximum until an offer is received from the participants. A total of 11 539 ETH, or $33,93 million at the time of the reported loss, was permanently blocked due to an error in the smart contract. This was reported on Twitter by a developer with the pseudonym 0xfoobar.
What else is known about the incident? The blocking of funds was the fault of the developers of the smart contract. The team stresses that it was an unintentional exploit. None of the users, including the developers themselves, no longer has access to the blocked funds and cannot withdraw them from the system. All affected auction participants will be compensated from the AkuDreams reserve in the amount of 0,5 ETH per person.
What is known about the project? NFTs of AkuDreams are a collection of 3D avatars on the Ethereum blockchain. Each avatar gives the owner access to the Akuverse metaverse, including attending various events, using products, and collaborating with other members and the team.
Useful material?
Market
Tether Finance division will be responsible for the issuance and redemption of USDT stablecoins
Apr 18, 2024
Trends
The first project introduced on the platform will be BounceBit (BB)
Apr 18, 2024
Business
The rate exchange of the native ACH token reacted with a 10% increase
Apr 18, 2024
Market
Miners are hunting for the first block after halving as the value of the first satoshi could exceed $1 million
Apr 18, 2024
Market
The platform will be non-custodial and accessible to everyone
Apr 15, 2024
Market
China Asset Management, Harvest Global Investments, and Bosera Asset Management have received permits
Apr 15, 2024