AkuDreams NFT Auction Bug Locks 11,539.5 ETH – Analysis of Smart Contract Flaws

Last Friday, the 3D‑animation NFT project AkuDreams suffered a severe bug at a Dutch auction, where a smart‑contract error permanently locked 11,539.5 ETH (approximately $34 million or ¥2.2 billion) and made refunds impossible.

The cryptocurrency developer foobar tweeted that the locked ETH cannot be withdrawn by either individuals or the developer.

According to the code posted by foobar, the contract contains two bugs: the first sets the user’s status to 1 after a successful bid; the second makes the refund condition state incorrect after a failed bid, so users cannot request refunds and the development team cannot withdraw funds because refundProgress ≥ totalBids , where totalBids represents the total sold amount instead of the number of bidders (the correct reference should be bidIndex ).

Subsequently, AkuDreams’ official Twitter account released several tweets responding to the incident.

First, AkuDreams confirmed that bidders’ funds were locked and said they were investigating the cause, receiving assistance from many developers.

Second, AkuDreams said they would try to provide compensation to token holders who attempted to bid at a price lower than the final price by 0.5 ETH, and clarified that the vulnerability was not exploited maliciously; after a thorough investigation and gaining ownership, the team quickly lifted the block on the exploit.

Finally, AkuDreams decided to refund 0.5 ETH to affected token holders, expecting the refunds to arrive on Monday and Tuesday. With help from @_MouseDev, @NftDoyler, and @AnonymiceNFT, they have written a new token‑minting contract and are inviting the community to test it.

Reference links:

https://www.solidot.org/story?sid=71336

https://twitter.com/0xfoobar/status/1517680400142716929

https://twitter.com/AkuDreams/status/1517857397209026560

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