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A lot about the NFT exploitation of the Akutars

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The highly anticipated Micah Johnson’s Akutars NFT project went awry when there was a problem with the project’s smart contract that resulted in a loss of $ 34 million.

Akutar project

The Akutars project is the brainchild of Micah Johnson; A pro baseball player has become a crypto-artist. The project came as an answer to a black boy’s question about whether there could be a black astronaut. Setting a launch date for April 22nd, the Accutars NFT project will be Johnson’s largest NFT project. Crypto-artists have teamed up with Pusha-T and Upscale Vandal to curate a variety of legendary fashion and streetwear collaborators to help bring new life to Aquarius.

The Akutars NFT project launched 15,000 NFTs through a duck auction that started selling at a certain high volume and dropped to a final sales volume over time. Despite the starting price of 3.5 ETH (set to decrease to 0.1 ETH every six minutes), optimistic collectors of thousands of transactions have submitted thousands of transactions.

The launch, however, did not go as planned. Due to the pomp of the project before dropping, several collectors wanted to grab NFT shots from the collection. As collectors went to the website to participate in the drop, a problem arose with the project’s smart contract, resulting in a staggering $ 34 million loss stuck in the project smart contract.

Ahead of the 34 million loss, Hassan, a member of the popular NFT community, expressed concern about a potential problem with the project’s smart contract. Tweet. This was followed up with Akutar’s development team, and the team assured us that there are fail-safe to prevent any potential problems.

Can $ 34 Million Loss Be Prevented?

After Hassan alerted Akutar’s development team about the matter through his smart contract, a hacker named USER221 quickly became aware of the problem and launched an exploit that stopped withdrawal and refunds from the contract, resulting in 11,539 ETH (approximately $ 34 million) locks. Becomes. The Accutatory Agreement.

It seems that the Acutars NFT team was instructed to take responsibility for the problems of the smart contract, after the hacker promised to remove the block once the Acutas team publicly admitted that there was a problem with the smart contract. Another user also suggested that project developers should review their contract before launching the project.

However, the anonymous user unlocks this action which closes the contract. Initially the funds in the contract are permanently locked, which cannot be recovered by the Acuturus developer or USER221.

Some suggested that this loss could have been avoided if the project developers had been more open and transparent with the NFT community. If Hassan’s concerns had been properly addressed by the developers, the damage could have been avoided and the launch could have gone smoothly.

Public confidence in the NFT project

Akutars’ failed drop follows a growing list of security issues related to the NFT ecosystem. The scale of the scandal and exploitation means developers and community members should be proactive in preventing these incidents.

These issues related to NFT collection and ownership could erode public confidence in the NFT ecosystem. Although $ 34 million is still recoverable, the Aku team responded equally with the assurance that they would go ahead with NFT collection and issue refunds to early access collectors.

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