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Hacker withdrew about $6 million worth of ETH from decentralized streaming platform Audius

Audius (AUDIO) is an artist-run, community-owned music streaming platform that aims to enable anyone to freely distribute, monetize, and stream audio.

Audius aims to return money and power to artists by connecting them directly to listeners and removing record labels and middlemen from the equation.

If bitcoin can be called the digital analogue of gold, then, according to the developers, Audius aims to be the next Spotify or SoundCloud on the blockchain. “The cryptocurrency music app aims to decentralize and democratize the music industry and give artists back more money and control.”

An unknown person was able to change the configuration of the smart contract for managing Audius, and then created a malicious offer to withdraw $6 million in AUDIO tokens.

An unknown person was able to change data on the voting time for the proposal in the Audius smart contract, as well as the delay in the execution of the voting result. As a result of the fraud, the attacker brought the stolen cryptocurrency for sale, however, due to market slippage, he was able to sell a cryptocurrency worth $6 million for only $1.1 million in Ethereum.

According to stories transfers of the attacker’s address, the cryptocurrency received from the sale was “laundered” at 100 ETH per transaction through the Tornado Cash mixer.

Audius representatives confirmed the hack. The project developers claim that the functionality of the smart contract has been resumed after a detailed study. Whether Audius will compensate investors for losses remains unclear.

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Two Wheeler


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