Decentralized music streaming protocol Audius has been hacked by a hacker from the community treasury using a malicious management vote. altcoin He said he stole it.
According to security firm CertiK, the hacker successfully modified certain configurations in the smart contract used by Audius’ management system. With these changes, the perpetrator managed to become the “responsible” of the contract.
18 Million AUDIO Altcoins Lost in Hacker Attack
The hacker then proceeded to create and approve a management proposal (Proposal #85) requesting the transfer of 18 million AUDIO tokens from the community treasury.
Although the market value of these stolen tokens is more than $ 6 million, the hacker was only able to sell them for 705 Ethereum ($ 1.1 million) due to the high market slippage. The assets in question still reside on the hacker’s Blockchain address.
Audius said in a statement that it has identified and fixed issues with its smart contract, adding that a post-mortem report will be available soon. Meanwhile, the smart contract has been paused.
Hello everyone – our team is aware of reports of an unauthorized transfer of AUDIO tokens from the community treasury. We are actively investigating and will report back as soon as we know more.
If you’d like to help our response team, please reach out.
— Audius 🎧 (@AudiusProject) July 24, 2022
Audius, the artists’ governance and use of AUDIO cryptocurrency It is a decentralized music streaming protocol that allows them to monetize their work using The token can be used on Ethereum and Solana networks.
The Ethereum and Solana-based streaming service aims to compete with giants like Spotify and Apple Music by decentralizing and dynamizing the fast-growing industry.
The initiative was developed in 2018 by two electronic music enthusiasts, Roneil Rumburg and Forrest Browning. The platform was originally launched on the Ethereum Blockchain, but later migrated some of its service to the Solana Blockchain to reduce fees and achieve better performance.
*Not investment advice.