The AkuDreams NFT Collection Trapped in a Smart Contract

AkuDreams is an NFT collection hosted on the Ethereum blockchain. All his funds, 11,539 ETH, linked to the creation of the coins in the collection, remain locked. Indeed, after mishandling by a developer, it is now an inaccessible smart contract. Indeed, these are two code errors that led to the total loss of this Ether.

AkuDreams
$34 million, or 11,539 eth, is definitely locked into the AkuDreams contract forever. These tokens cannot be retrieved by other users or by the development team.

A mistake from the AkuDream project

The highly successful launch of AkuDreams quickly turned into a fiasco for the project team. The highly anticipated collection of avatars has been auctioned. But due to some issues in the smart contract code, this collection had major issues.

The auctions for the NFT collection were based on the model called ” Dutch auction In this way of working, the lowest bid in the auction sets the price for everyone. This means that all bids higher than the lowest bid must refund the lowest bid. Many users and investors have praised the project’s efforts towards a true auction method .

Due to a bug in the smart contract, $34 million, equivalent to 11,539 ETH, has been permanently lost to the project. The smart contract developer made two mistakes. The first is interrupting allowances. He should have delayed sending requests from other contracts on his AkuDreams smart contract. Despite the omission of this action, a malicious contract could allow a malicious person to send a falsified refund request. That’s what broke the contract payback loop. The latter makes it possible to avoid the withdrawal of funds, as long as the refunds have not been made. This had the impact of crashing the system. This prevented the refund method from working properly.

The second mistake that is made involves the storage of data in an index, which is itself associated with the user. It is thanks to this auction data that refunds can be made. The implementation of refunds increases through a single variable that causes a delta when a user performs multiple create operations. Refunds did not work in duplicates because the index allowed a user to perform only one action.

Create a smart contract

Implementing a smart contract requires attention to several factors. Above all, all smart contracts must follow a strict testing protocol. These are also meant to check for bugs on an NFT strike contract, for example. To successfully implement a smart contract like the one from AkuDreams, you need to:

  • Prevent calculation errors
  • Choose the right contract
  • Run several tests and make sure they are conclusive
  • Avoid locking millions of dollars in one contract
  • Keep cash available

Indeed, AkuDreams experienced a major breach that blocked 11,539 ETH or $34 million. The calculation of the number of bids was wrong. This mainly caused the validation to fail permanently and thus prevented the money from being withdrawn.

Conclusion

The loss of AkuDreams’ NFT collection is due to errors in the code of smart contracts. In total, 11,539 ETH will be lost and will be locked in the smart contract. However, the project promised to repay all investors by highlighting their gross mistakes.

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Emile Stantina

“Stan – “Chancellor on the brink of second bank bailout” The lone man thinks alone and creates new values ​​for the community”

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