Last Sunday, the malicious management bid requesting the transfer of 18 million Audio tokens worth $6.1 million was approved by the community as a result of an exploit.
Decentralized music platform AudiusBy its very nature, it helps communities make some decisions based on consensus. This system, which ensures fair decisions by the community and its users to have a say in the management, was abused by hackers this time. offered by the attackers. a malicious management proposal. as a result of the acceptance $6.1 million Audio token stolen.
Audius co-founder and CEO Roneil Rumburg, CointelegraphIn a statement to , he said that the community did not accept a malicious offer and continued his words as follows:
This was an exploit, not an offer that was suggested or passed by any legitimate means. The management system was also used as the entry point for the attack.
As a result of the ongoing research by Auduis on the subject, it was confirmed that Audio tokens were transferred from the corporate treasury in an unauthorized way. Following the announcement, Auduis has released all Audius smart contracts and Audio token transactions on the Ethereum blockchain. stopped as a precaution.
18 million Audio tokens seized by hackers were sold within hours. Due to the high volume of sales and the illiquidity of the Audio token on decentralized exchanges, 18 million tokens worth 6 million were sold for only $1.08 million. On Audio at the time of the sale transaction 17%‘ness there was a sudden decrease.
CEO says root cause of abuse have been brought under control and reaffirmed that such exploitation will not occur. Considering that the community treasury is kept separate from the foundation treasury, remaining fundsagainst any danger of abuse is in a safe location.
According to CoinMarketCap data, Audius’ native token Audio, which has fallen by close to 6% in the last 24-hour period, is trading at $ 0.3253 at the time of writing.