$34M lesson for NFT Founders from AKU NFT Project

Aku NFT Project lost $34M amount of Ethereum in the Smart Contract, which never can be withdrawn by Anyone (even not by the Dev team or Owner of the Smart contract). Yes, you are reading it right.!!

What Went Wrong?

There are two major Exploit we have Analysed Technically :
  • There was no check inside smart contract about address (Whether its Smart contract minting or real person from wallet is minting NFT), this lead to Hack. but Hacker just sack of Awareness exploit it and then released and kept it in right direction.
  • Second Bug is inside smart contract to Emergency Withdrawal of Funds, but there is Wrong mathematical condition kept by Smart contract developer. The error in the smart contract occurs when bids count does not increment correctly with mint amount.

How This can be avoided or solved?

  • Minting can be done through smart contract as well, Make sure to check whether Transaction is being done by smart contract or wallet address e.g isContractaddress function needs to check whether it is Smart contract minting or its wallet address.
  • Make sure to Audit Smart contract with Companies like Codiste for full proof solution.
  • Write Smart contract Test cases before even deploying it on Testnet
  • Make sure to Test everything on Testnet

Some Advise to Owner/Founders of NFT project

  • Make sure to Audit Smart contract and spend more money in development, only marketing is not the key
  • Make sure to choose right service provider for your Blockchain & NFT development. Contact us for  your next blockchain development at (codiste)
  • Make sure you have strong Technical Team member if you are developing Blockchain or NFT Project

The ideal Process of any NFT  Project should look like as Follow :

  • Expert Designer & Development Team must be discussing and outline requirement with Founders
  • Make sure to develop smart contract Aligned with requirement, Give all options to founders to choose with, also keep fail safe options incase of vulnerability.
  • Write Test cases and try to cover all possible scenario that user can perform
  • Deploy on Testnet and make sure to integrate it with frontend and Test it multiple times
  • Artwork should be Ready before you commit Date of Minting to Community.
For More details or free consultation, reach out to us on manager@codiste.com

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