Tuesday, May 24, 2022
HomeAkutarAkutar NFT Rug Pulling Just For Themselves $34M Loss to Bad Coding

Akutar NFT Rug Pulling Just For Themselves $34M Loss to Bad Coding

The highly anticipated NFT collection, “Akutars”, experienced a real development nightmare. Poor coding and grieving resulted in a series of exploits that frozen over thirty-four millions dollars. While taking serious security warning concerns as project “fud,” the mint continued, causing a massive wave of transactions to fail as over 11,000 in ETH is locked in the contract forever.

Akutar NFT $34M Lost To Bad Coding
mistakes can be costly, and this $34M mistake was an expensive one

Credit: Bitcoinist

Aku’s NFT

The Aku team took to Twitter, informing their community of their missteps, claiming full responsibility regarding the situation, and providing a timeline for refunds. The founder of the project has offered his sincere sympathies to the people who were hurt by the mistake and promised that the community would bounce back.

The Akutar FT collection is the result of the efforts of Micah Johnson, a former MLB player. Micah left the MLB to pursue his passion for the arts after a long and successful career. His skill and storytelling ability have led to a monumental collection featuring the life of a heroic spaceman known as “Aku.” Holders of the Aku chapters received 61% of the NFTs supply distributed based on how many ‘”Chapters” of Aku’s life they held. Having four unique chapters gives the owner an “O.G. Trait” and one Akutar.

After taking care of their community, 38% of the remaining supply went into a modified dutch auction. The remaining 1% will go towards future collaborations and partners.

Each Akutar out of the 15,000 in circulation grants the holder entry to the ever-evolving Akuverse. Holders also have exclusive access to future collaborations and experiences.

The Aftermath

Developing a project is no easy task, and as with anything that has to do with Ethereum, it can be rather expensive. Coding is often portrayed as a dark-skinned person clacking at a keyboard. However, this is far from reality. Coding can be more complex than other endeavors. Networking and constant collaborations are essential for projects to succeed long-term.

The mistakes that were made are no more costly to anyone than myself. I have invested most of my money into Aku. We will continue building the things we set out to build, and most of our money will be refunded. Brick by brick. – Micah Johnson

While developers have access to debug programs, third-party auditing firms and sites such as GitHub exploits in code can be prevented before taking money from supporters. Especially when receiving warnings from a security researcher and shoving them to the side as unwarranted “fud” to watch the ‘accusations’ turn into facts. Though the community suffers a devasting blow, the AkuDreams community says strong while rallying behind the creator

I’m so sorry. I am so sorry for the Aku family. I am so deeply concerned about the Aku family that I let you down. I will continue building brick by brick and continue working tirelessly because Aku is nothing without you. We’ve come too far, I cannot stop now – Micah Johnson


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All investment/financial opinions expressed by NFTevening.com are not recommendations.

This article is educational material.

As always, make your own research prior to making any kind of investment.

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Henry Hicks
Henry Hickshttps://nonfungibletalk.com
NFT and Crypto Enthusiast. Loves Travelling and Exploring the Metaverse!
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