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DeFi

Audius Was Hacked By A $6 Million Exploit

July 24, 2022 - Around 2 mins mins to read
The decentralized music platform with millions of monthly users, Audius, has been facing a terrible issue that might put its funds at a huge potential risk.
Audius Was Hacked By A $6 Million Exploit

According to the official Twitter handle of the platform, it has been hacked, but the hackers did not reveal the actual numbers.

The current vulnerability is in the AUDIO Treasury fund management contract. However, the team has not published a post-mortem report listing relevant technical details.

As a result of the hack, a massive sum of AUDIO tokens was sold, which caused a significant drop in the price of the token. The vast dump attracted the crypto community’s attention, but the token was back at the previous trading level soon after.

The above vulnerability caused the Treasury fund to drain 18.5 million AUDIO tokens. With the market price at the time of the attack (~$0.36), this figure is worth approximately $6.6 million.

Very quickly, the entire amount of these tokens saw pressure in a single transaction. About $6 million worth of AUDIO was sold for 705 ETH (approximately $1 million at the current ETH rate).

An on-chain analyst explained the possible reason behind the hack, stating that “the attacker was able to do a proposal, pass it, send themselves all the treasury tokens, then dump it on Uniswap in 1 transaction.”

Currently, Audius announced that it has solved the above problem and suspended the contract on Ethereum to patch the vulnerability in the fund contract temporarily.

The team has also updated that the vulnerabilities have been patched, but many features such as token transfer and balance display have not been activated because of concerns about risks.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

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Harold

CoinCu News

AUDIO

Audius

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
DeFi

Audius Was Hacked By A $6 Million Exploit

The decentralized music platform with millions of monthly users, Audius, has been facing a terrible issue that might put its funds at a huge potential risk.
Audius Was Hacked By A $6 Million Exploit

According to the official Twitter handle of the platform, it has been hacked, but the hackers did not reveal the actual numbers.

The current vulnerability is in the AUDIO Treasury fund management contract. However, the team has not published a post-mortem report listing relevant technical details.

As a result of the hack, a massive sum of AUDIO tokens was sold, which caused a significant drop in the price of the token. The vast dump attracted the crypto community’s attention, but the token was back at the previous trading level soon after.

The above vulnerability caused the Treasury fund to drain 18.5 million AUDIO tokens. With the market price at the time of the attack (~$0.36), this figure is worth approximately $6.6 million.

Very quickly, the entire amount of these tokens saw pressure in a single transaction. About $6 million worth of AUDIO was sold for 705 ETH (approximately $1 million at the current ETH rate).

An on-chain analyst explained the possible reason behind the hack, stating that “the attacker was able to do a proposal, pass it, send themselves all the treasury tokens, then dump it on Uniswap in 1 transaction.”

Currently, Audius announced that it has solved the above problem and suspended the contract on Ethereum to patch the vulnerability in the fund contract temporarily.

The team has also updated that the vulnerabilities have been patched, but many features such as token transfer and balance display have not been activated because of concerns about risks.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

CoinCu News