NFT Music Platform Audius confirmed that it was exploited by cybercriminals, costing the crypto company around $6 million, leading to the loss of 18.5 million Audio tokens. The hacker managed to earn only a smaller chunk after dumping and selling the stolen tokens for $1.8 million.
The funds were swapped via Uniswap for 705 ETH and remain in the scammer’s address at this time. Uniswap is a decentralised cryptocurrency exchange. The company tweeted that the issue has been found and fixes are in progress to get things back to a stable state.
Also, all Audius smart contracts on Ethereum had been halted, including the token, to prevent further damage. The platform resumed the functionalities of the Audio token after having conducted thorough examination and mitigation of vulnerability.
The decentralised community boasts about making consensus-based governance decisions. However, the hacker was able to initialise this proposal and set himself as the sole guardian of the governance contract. Audius is a decentralised music streaming and sharing platform that puts the power back into the hands of content creators.
