The much-hyped non-fungible token project AkuDreams is off to a rocky start after an exploit caused $34 million in proceeds to be locked in a smart contract forever.
The hacker behind the exploit was reportedly trying to expose the vulnerabilities in the code. The exploit resulted in over 11,500 Ethereum (ETH) becoming inaccessible to the developer team.
The project went live on April 22 using a Dutch auction and opened at 3.5 ETH, and 5,495 NFTs out of the total 15,000 NFTs in the collection were put up for sale. The smart contract for the auction was programmed to refund everyone that underbid.
$34 million locked forever
According to NFT developer 0xInuarashi, the smart contract was programmed to refund bidders before the team could withdraw funds. However, bugs in the code introduced vulnerabilities.
https://t.co/A9lobVZC3p34 Million USD gone. Just like that. Locked in the contract forever.
A lot of people put light on the grieving which locked processRefunds() for a bit, that wa
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