$34M lesson for NFT Founders from AKU NFT Project

Aku NFT Project lost a $34M amount of Ethereum in the Smart Contract, which never can be withdrawn by Anyone (even not by the Dev team or Owner of the Smart contract).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 is two major Exploit we have Analysed Technically :

  • There was no check inside the smart contract about address (Whether it’s Smart contract minting or a real person from the wallet is minting NFT), which led to Hack. but Hacker just sack of Awareness exploit it and then released and kept it in the right direction.
  • The second Bug is inside the smart contract to Emergency Withdrawal of Funds, but there is a Wrong mathematical condition kept by the Smart contract developer. The error in the smart contract occurs when the bids count does not increment correctly with the mint amount.

How This can be avoided or solved?

  • Minting can be done through the smart contract as well, Make sure to check whether the 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 the Smart contracts with Companies like Codiste for a full-proof solution.
  • Write Smart contract Test cases before even deploying them on Testnet
  • Make sure to Test everything on Testnet

Some Advise to the Owner/Founders of the NFT project

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

The ideal Process of any NFT  Project should look as follows:

  • Expert Designer & Development Team must be discussing and outline requirements with Founders
  • Make sure to develop a smart contract Aligned with requirements, Give all options to founders to choose from, and also keep fail-safe options in case of vulnerability.
  • Write Test cases and try to cover all possible scenarios that the user can perform
  • Deploy on Testnet and make sure to integrate it with the frontend and Test it multiple times
  • The artwork should be Ready before you commit the Date of Minting to the Community.

For more valuable information, you can call us at +91-9429005987 or email us at manager@codiste.com or Discuss Your Requirements Now

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