AkuDreams: $34 Million Locked Due To Akutar NFT Contract Exploit

Micah Johnson, a former Major League Baseball player, who played for various teams including the Chicago White Sox, Los Angeles Dodgers, and Atlanta Braves before retiring from baseball after the 2018 season, has now embarked on artistic endeavors. Johnson stated that artists in the NFT space should make things that they are most passionate about.

The former MLB player created the character Aku after hearing a young boy ask, “Can astronauts be black?” Thus was the birth of “AkuDreams,” a highly anticipated NFT project that was set to launch on the OpenSea marketplace at 2:00 pm (EST) on April 22nd, 2022.

The former MLB player turned artist stated:

“Aku has proven to be a very inspiring character that a lot of people from diverse backgrounds can connect with… And that’s special in itself too, because I probably will never make another character again in my life that will have the same organic impact.”

AkuDreams NFT
AkuDreams NFT (Limited Edition). [Image: OpenSea]
However, things took a sharp turn with an exploit through its refundable Dutch auction Friday. The hacker did not profit from the turn of events, but Akutar Dream’s smart contract was locked with $34 million of funds.

akutar dreams smart contract
AkutarDreams smart contract has locked up $34 million dollars worth of Ethereum.

After reviewing the contract the AkuDreams team stated that @notchefbob informed them that their contract was exploited to freeze refunds.

“Do not interact with the contract. Most important thing right now is us getting the money back to our community. Period.”

Crypto developer Foobar posted coding showing that 11,539 worth of Ether, is permanently locked into the project’s contract forever. It cannot be retrieved by individual users or by the dev team.

“$34 million, or 11,539 eth, is permanently locked into the AkuDreams contract forever. It cannot be retrieved by individual users or by the dev team. The refund processing, which is complete, sets each bid status to 1. And the team cannot claim because totalBids is forever stuck at a number higher than refundProgress, due to bad increment math.”

akutar dreams smart contract
Crypto developer, @0xfoobar, displayed how $34 million of ETH is locked in AkuDreams smart contract. [Image: Twitter]
Responding quickly to the situation, the team stated that they are consulting the best in the industry on what to do moving forward:

“We are locked down and consulting with some of the best on next steps. We will mint your NFTs, and reveal them as soon as humanly possible. We will also be working to issue funds for those passholders who bid with the intention of securing a price .5 ETH below the final price.”

On April 23rd, 2022, the AkutarDreams account posted an update stating that .5 Ethereum refunds for Pass Holders would be honored between Monday, April 25th and Tuesday, April 26th, 2022 from money used from the Chapter treasury. Akutars would be airdropped, however, they are closely auditing the new smart contract to ensure accuracy.

The AkuDreams team is committed to the mission of their project as they tirelessly work behind the scenes.

Micah previously told HypeBeast that historically, many Black communities have lacked the resources to keep up with changing industries and new technologies:

“There’s not very many Black people in the space… We’re trying to be that bridge between culture and web3.”

Johnson stated that creating strong relationships with collectors is key to creating a successful NFT franchise and suggests looking into a particular project and seeing how engaged the community is.

“The new order of web3 is not based on who has the best product; it’s about who has the best community.”

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