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

471

2 min

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.

Source: Twitter.com

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.

Author: