The Akutar Mint Pass was launched on the Ethereum blockchain last week. However, the group was affected by a major flaw in the design of its smart contract that led to the blocking of US$34 million, or R$163 million of Brazilian real.
Reserved funds have not been stolen or otherwise affected, but cannot be accessed. That is, they can no longer be used by the creators or purchasers of NFTs.
Akutar is a set of NFT tokens created by former American baseball player Micah Johnson. The central character is Ako, a black boy who dreams of becoming an astronaut. According to Johnson, the character was inspired by a dream about his nephew.
There are 15,000 NFTs generated in Ethereum with random attributes. The first 9,500 NFTs were mined by users, while the remaining 5,500 were released on Friday (22nd). The business started trading at 3.5 ether (around $10,350 at press time), but the price has been gradually dropping.
About the project
However, a Twitter user named Hasan warned of a problem with the smart contract just hours after the suite was released. He warned about the problem, but claimed he was accused of wrongdoing and creating panic among investors.
The Accoutre team also said there is protection against this type of failure. But another user named User221 took advantage of the problem and attacked the nodes. The attack appears to have stopped Ethereum withdrawals and contract redemptions.
People think I did this for leverage, damn it
There was an annoying vulnerability in the nodes, I’m not sure if anyone exploited it but I’ve deployed the PoC since it’s now gone. https://t.co/6GxvvGb59z
– Hassan (@ntchefbob) April 22, 2022
Prove I was right
However, the attack was not intended to steal money from the platform. On the contrary, the attacker intended to warn about the dangers of contracting. The funds were not stolen but rather locked inside the smart contract.
So much so that the attacker left a note for the project developers stating that the blockade is with an exploit. The note asked Akutar’s developers to “please offer rewards to those who find errors in their contracts or at least audit”.
The attacker sent User221 a separate note attached to the Ethereum transaction. He asserts that he was responsible for this and says that he can free the 163 million Brazilian reais that were arrested. However, he made an extraordinary request for this
“Well, that was fun, and he had no intention of exploring that lol,” he sneered. “Otherwise, I wouldn’t have used Coinbase. Once you publicly acknowledge the bug, I will immediately remove the ban.”
In short, the user executed the block just to prove they were right and the collection team neglected the risks. In fact, Akutara’s contract was released much later.
The second failure
The project started working again, but then another glitch appeared. Impact on developer smart contract code The team was unable to compute multiple NFT tasks in the same transaction. As a result, the contract requires the numbers to be arranged correctly to initiate withdrawals of any type.
In the end, the end result was 11,539 ETH locked inside the automated smart contract. Only this time it is not a test or a warning, but a real block. As of this writing, the creators of Akutar have not been able to withdraw any money from the sale.
The flaw also affected NFT owners who mined the NFT Akutar Mint Pass. None of them can get a refund of the 0.5 ETH they promised before the mint. The average NFT price, which exceeded 4 ETH, fell to just 0.11 ETH.
- Dropping in Akutars NFTs after contract failure. Source: OpenSea.
ACO’s next steps
The Aquatars team confirmed the failure on Friday via their Facebook account Twitter. According to the developers, User221 was just trying to help diagnose a buggy smart contract.
“The exploitation in the contract was not done intentionally. The person intended to draw attention to best practices for highly visual designs and new mechanics. They actually opened the contract quickly after we found out and took ownership,” the letter said.
On top of funds to which NFT holders have lost access, the creators of Akutar will refund the amount of ETH via funds withdrawn from the treasury and segregated from previous sales. The team is also preparing a new separate smart contract, which has already been released to the public. This contract will allow access to the NFTs in the pool.
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