The Audius music crypto project team reported an attack by an unknown hacker who used an exploit to create a fake community vote for a malicious proposal.
The attacker stole 18 million AUDIO, the native tokens of the Audius project, worth $6.1 million. The team announced that the issue is currently being fixed to stabilize the platform:
“In order to prevent further damage, all Audius smart contracts on Ethereum had to be stopped, including transactions with the token. We do not believe that user funds or sites are at risk. We will continue to provide information as the threat is localized.”
Audius co-founder and CEO Roneil Rumburg assuredthat the community did not accept the suggestion with the malicious link:
“It was an exploit, not an authorized proposal, which was used as a loophole to attack the control system.”
The attacker created a proposal that would initialize and establish itself as the sole custodian of the smart contract. After the threat was eliminated, the company resumed the transfer of tokens, adding that “the functionality of the smart contract is resumed after a thorough investigation and elimination of the vulnerability.”
Peckshield Blockchain Security Specialists drownedthat the cause of the incident is related to the unreliable storage system of the Audius token. After the hack, the hacker sold $6 million worth of stolen AUDIO tokens at $1.08 each. The project team carried out an immediate buyback of the token in order to protect investors and prevent a further decline in the price of the token. The team has not yet specified the nature of the stolen assets. Community or project money has been stolen.
Recall that the Uniswap v3 protocol faced a phishing attack aimed at collecting personal data to steal cryptocurrency from users’ wallets. As a result, the hacker stole $4.7 million worth of ETH.
Source: Bits
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