A hacker steals over $1 million from the Audius Music Platform

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Last Updated on July 24, 2022 by Bitfinsider

Hacks and attacks on growing projects plague the cryptocurrency industry. This time, the hacker sent a malicious proposal requesting the transfer of 18 million AUDIO tokens. The proposal that the hacker be the guardian of the governance contract was approved by the community. As a result, he was able to obtain $1 million worth of these tokens.

The issue with Audius Project, according to PeckShield Inc., a blockchain security and data analytics company, is that there was an inconsistent storage layout between its proxy and impl. As a result, the Audius Community Treasury contract collided.

To obtain the funds, the attacker sold the tokens in the market and received $1.08 million. This occurred as a result of his massive slippage. To stop the bleeding, some investors suggested that more tokens be purchased to prevent the price from falling any further.

There is currently no additional information on what occurred or how the protocol is expected to improve its security in the future. Social media networks will be very important in understanding what happened and what can be improved so that the same problem does not occur again in the future.

Not to mention that the cryptocurrency market is constantly under attack. Hackers have targeted hundreds, if not thousands, of projects in recent years. In many cases, attackers drained millions of dollars in stolen funds, and in others, they were apprehended earlier.

While centralised cryptocurrency exchanges are typically some of the most common targets for hackers, the community believed that with the expansion of various decentralised protocols, hackers would find it more difficult to obtain users’ funds. However, the majority of these protocols appear to be riddled with flaws that experienced hackers could exploit.

The Audius Protocol attack is just one of the most recent attempts by hackers to steal money from users. However, similar events should be expected in the future. Yuga Labs, for example, the creator and issuer of the well-known Bored Ape Yacht Club NFT collection, reported that their security teams have been tracking threat groups targeting the NFT community.

As we can see, there are numerous attack vectors associated with the cryptocurrency community, and these are only a few of them. Other types of issues that could affect the entire crypto ecosystem should be expected in the future.


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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.


Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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