Audius Loses 18 Million Audio Tokens To Hacker Who Exploited Malicious Governance Proposal

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The co-founder and CEO of Audius, Roneil Rumburg, has confirmed that the community does not approve of this plan.

Over the weekend, a hacker attack cost Audius, a decentralised music platform, 18 million community tokens.The hacker proposed the removal of 18 million Audius’ Audio tokens from the community treasury in a fraudulent governance proposal.Even though the value of the transferred tokens exceeded $6 million (approximately Rs. 47 crore), the hacker was only able to profit by selling the stolen coins for $1.8 million after transferring them.

The decentralised community brags about making decisions on governance based on consensus and putting them to a vote among its members.According to a report by CoinTelegraph on Monday, July 25, the hacker in the Audius hack was able to initialise this proposal and designate himself as the only guardian of the governance contract.

The co-founder and CEO of Audius, Roneil Rumburg, has confirmed that the community does not approve of this plan.

Rumburg was quoted by CoinTelegraph as saying, “This was an exploit — not a proposal presented or passed by any legitimate methods — it just so happened to use the governance system as the entry point for the attack”.

Audius had temporarily stopped all of the smart contracts and Audio tokens as a precaution.The Ethereum blockchain is the foundation for these tokens.

Following a thorough analysis and vulnerability remediation, the platform restarted the Audio token’s functionalities.

Investors in Audio have not yet received information on the stolen money.

In order to amass more assets and use the privacy feature of digital assets to covertly transfer their winnings into clean finances, hackers have been flocking to the Web3 domain.

Premint, a platform for NFT registration, suffered a cyber attack last week and lost 320 NFTs from its website.The business is in the process of paying its customers more than $525,000. (roughly Rs. 4.20 crore).

Yuga Labs, the maker of Bored Apes Yacht Club (BAYC) NFTs, issued a warning following the Premint incident.

“The NFT community is the target of a persistent threat organisation that our security team has been monitoring.We predict that they will soon use compromised social media accounts to undertake a coordinated attack against a number of communities”.The warning from Yuga Labs read, “Please be alert and be safe”.

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