Akutars Flops as $33 Million Locked in Impenetrable Smart Contract

Akutar, an ERC-20 token built on the Ethereum blockchain, was launched by a Slovenian company several months ago. As soon as it hit exchanges and the market in August of 2018, many investors were curious about how to sell their stake for profit. The answer? Not so fast…

The “how much “money” did the first aku generate in the first offering?” is a question that many have been asking. The answer to this question is found by looking at the AID token smart contract.

You’d be hard pushed to find a more shaky start than the much anticipated Akutars project, which locked up $33 million in an impenetrable smart contract and suffered a huge exploit all on launch day.

$33 Million is stowed away by a buggy code.

Akutars dared to be unusual, opting for a modified Dutch style auction instead of the traditional method, in which collectors simply swap juicy currency for luscious NFTs. Once all of the NFTs had been tallied, the lowest successful offer would determine the price of the whole collection. Following that, Akutars would reimburse any that didn’t pass muster, as well as provide mint pass holders a 0.5 ETH rebate. This was the point at which the project started to go apart.

The developers included two significant precautions to the smart contract to protect collectors. To begin, all collected currency would be frozen until all refunds had been handled. Second, the team had to submit a certain amount of bids before they could withdraw. That minimum is equal to the quantity of NFTs available for purchase.

However, the initiative permitted anyone to put a single bid for several products, which may earn the honor for the year’s second largest oversight. As a result, the minimal number of bids will always remain an elusive amount. As a result, a massive 11,539.5 ETH will be perpetually imprisoned inside the smart contract, visible to everyone yet completely unreachable to everyone in the universe.

The AkuDreams contract is permanently locked in at $34 million, or 11,539 eth. Individual users or the development team are unable to recover it.

Each bid status is set to 1 when the refund processing is completed. twitter.com/6GnQPnddC6

April 23, 2022 — foobar (@0xfoobar)

Additional Exploitation Doubles the Difficulty

Furthermore, while insignificant in contrast, another issue arose from Aku’s bug-ridden code. Concerned community developers sought to notify the project ahead of time of a possible exploit, which they apparently dismissed as a ‘feature.’ To grab their attention, one anonymous white hat hacker used a ‘griefing contract’ to leave a note for developers on the blockchain during the auction. After openly acknowledging the flaw, Akutars graciously corrected the problem.

Despite a long list of obstacles, the Aku project will fulfill all of its obligations. As a result, they’ve pledged to mint and airdrop any outstanding NFTs once the contract is safe, as well as continue to process all promised reimbursements.

Take a look at the locked funds >> Here

 

The “nifty gateway” is an online wallet that allows users to store their cryptocurrency in a secure, non-custodial way. The “Akutars Flops as $33 Million Locked in Impenetrable Smart Contract” was the result of a faulty smart contract. A developer accidentally sent the wrong code, which locked up 33 million dollars worth of tokens on the Ethereum blockchain.

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