$34M Locked in AkuDreams Contract. Users are Getting the Refund.

The Trust Project is a worldwide group of news organizations working to establish transparency standards.

On April 22nd, AkuDreams has dropped the Akutars NFT collection. Users that have participated in the Dutch auction primarily to the drop and did not win, have claimed they could not receive their ETH back. 

Due to the developersā€™ mistake, 11.539 ETH, which at the moment is equivalent to approximately $34 million, could not be extracted from the contract by neither the users nor the developers. 

The explanation of the accident was given in a Twitter thread by 0xInuarashi, the founder of Gangster All Star, Martians NFT, CypherLabz, and council of Anonymice NFT, ZenApe NFT and ShuffleDao. 

The contract was developed in the way that each bid that participated in the Dutch auction was equal to 1. The amount of total bids was 5495, and the bidIndex only went up to 3669, which means that totalBids was higher than refundProgress. In this case the project cannot withdraw the funds. Hence, refunds and withdrawals were stuck in a limbo. 

Fortunately, Anonymice NFT project developers have managed to ā€˜rescueā€™ the funds from the malicious contract and return them to the community. The anonymous devs MouseDev and NftDoyler have further explained the reasons AkuDreams contract was vulnerable and did not function. 

At the moment, AkuDreams team gave a several updates:

And spoke about the refunds terms/ETAs:

Read related posts:

Disclaimer

All of the information on our website is provided in good faith and solely for educational reasons. Any action taken by the reader in response to material on our website is entirely at his own risk.

Valeria Goncharenko

Valeria is a writer and creator, passionate about Web3, marketing, and fashion. She dedicates her spare time to photography and art direction and has recently minted an NFT collection.

Follow Author

More Articles

Leave a Reply

Your email address will not be published.

šŸ—ž Metaverse Newsletter
šŸ‘¾ Follow us
  YouTube Icon     YouTube Icon     YouTube Icon     YouTube Icon  
WP Twitter Auto Publish Powered By : XYZScripts.com