The Incident: What Happened?
This past weekend, the Akutars NFT project, a much-anticipated venture, hit all the wrong buttons. An exploit coupled with a bug led to the unfortunate freezing of more than 11,500 Ether, which translates to nearly $33 million! Yes, you heard that right—$33 million, lounging in a digital vault with no escape plan.
Bid Wars: The Auction Mechanics
The drama unfolded on Friday as the project kicked off with a Dutch Auction—think of it like a yard sale, but instead of grandma’s old trinkets, we have shiny NFTs. The auction started at an impressive 3.5 ETH, offering 5,495 out of 15,000 NFTs. Bidders who won the draw also got their chance at a refund if they were outbid—a rosy scenario that quickly turned into a nightmare.
Let’s Talk Bugs: Understanding the $33M Mishap
Over on Twitter, developer 0xInuarashi laid it out: the smart contracts were designed so that refunds came first, while the team’s withdrawal got the short end of the stick. The kicker? The contract required a specific number of bids equal to the total NFTs before funds could be released. Spoiler alert: multiple NFTs bought in single bids meant that money, now locked, will ironically remain forever in auction limbo.
The Exploit: A Good Deed Gone Awry
Rather than stealing, the so-called exploiter seemed to have good intentions (or a rather twisted sense of humor). According to a now-unavailable tweet, Akutars was warned about potential exploits but seemed to think this was just a creative interpretation of their contract. Adventures in crypto logic! An unknown user unleashed a “griefing contract,” effectively stalling the refunds for those unfortunate enough to be underbid. The odd part? They crafted a blockchain message as a theatrical flourish, revealing that their intent wasn’t malicious… just mischievous.
Redemption Plans: Akutars Steps Up
In the aftermath, Akutars took the reins, owning up to their coding misstep and vowing to improve. Founder Micah Johnson expressed his commitment to the community, promising 0.5 ETH refunds for pass holders and future airdrops for bidders. Talk about taking responsibility! The team even pledged to launch a revamped minting contract, with some friendly developers lending a hand to vet the new code. Brick by brick, folks—sounds like a Netflix series in the making!
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