Nov 2024 - AkashaLife/AK1111 Free Public Minting Vulnerability - $32k (Global)
"Akasha is considered to be the first element created during the cosmic evolution and is believed to contain the knowledge of the universe.
In decentralized ecosystems, a cryptocurrency coin powers transactions, enabling value transfers and incentivizing participation. Through smart contracts, it automates processes, ensures transparency, and rewards contributors, fostering community engagement.
As the backbone of the ecosystem, it enhances efficiency, creates economic opportunities, and drives innovation and growth in the digital landscape."
"The Akasha Project draws a parallel between the creation of the universe, as depicted in Genesis, and the development of technology, emphasizing interconnectedness and purpose. Just as God created the cosmos, Akasha aims to create a unified digital ecosystem. The project is built on the concept of a universal life force, known as Akasha, which is akin to the Holy Spirit and other spiritual energies. Akasha technology functions as an invisible, seamless layer connecting Web1, Web2, Web3, and traditional systems, making digital interactions feel as natural as breathing. The project’s vision extends beyond blockchain, aiming to unify all aspects of life and commerce, eliminating barriers between traditional finance and decentralized systems. Over six years, with 60 senior developers, the technology has evolved to offer effortless interoperability and accessibility for all users. The roadmap focuses on global adoption, aiming to generate $300 million in liquidity and bring thousands of new wallets into the ecosystem, creating a truly interconnected world where finance and technology merge seamlessly."
"The root cause seems to be a lack of access control for function nonblockingLzReceive1(), anyone call it to mint token for free, maybe it is not supposed to be open to public in the first place."
"an approximately loss of $31.5K."
"Our system has detected a suspicious attack involving #AK1111 on #BSC, resulting in an approximately loss of $31.5K."
"The Akashalife (AK1111) on BSC was suspected to have been attacked, resulting in a loss of approximately $31.5K."
Further Analysis
AkashaLife is a token with a spritiual theme, celebrating the interconnectedness of humanity, named after Akasha, the first element of the universe. Unfortunately, the smart contract contained a vulnerability where one of the minting functions was able to be publicly called. This was exploited and $32k worth of funds were taken. It is unclear what actions, if any, the project has planned for affected users.
How Could This Have Been Prevented?
More Cryptocurrency Exchange Hacks/Scams/Frauds
DCF Transfer Logic Implementation Error Flash Loan Exploit > > < < Sweepr Token Smart Contract Public Emergency Withdraw
Sources/Further Reading
BNB Smart Chain Transaction Hash (Txhash) Details | BscScan
(Dec 31)
Cryptocurrency Prices, Charts & Crypto Market Cap - CoinCheckup (Dec 31)
https://www.coingecko.com/en/coins/akashalife/cad (Dec 31)
https://www.mexc.com/price/akashalife (Dec 31)
Akasha – Permeates the Universe (Dec 31)
https://dappradar.com/token/akashalife (Dec 31)
Akashalife (AK1111) Price Today, News & Live Chart | Forbes Crypto Market Data (Dec 31)
https://dexscreener.com/base/0x7f85e0c38ba63f7236117472fa71faf655769c8a (Dec 31)
https://app.nansen.ai/token-god-mode?tokenAddress=0x54b659832f59c24cec0e4a2cd193377f1bcefc3c&chain=base (Dec 31)
Telegram: Contact @AkashaLifeAK1111 (Dec 31)
Akashalife (AK1111) - Price & Chart | Coinranking (Dec 31)
https://www.coingecko.com/en/coins/akashalife (Dec 31)
BlockThreat - Week 47, 2024 (Dec 31)
@TenArmorAlert Twitter (Dec 31)
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