Audius Network Sees Hackers Walk Away with $1.08 Million

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Altcoins
Audius Network Sees Hackers Walk Away with $1.08 Million

Audius, a decentralized music network, had over $1 million worth of cryptocurrency stolen by hackers. The breach took place after approving a fraudulent plan that resulted in a movement of over $6 million, of which the scammers had managed to steal $1 million. The Audius Project tweeted the news out a few moments earlier.

Hackers Take $1M from Audius

The hackers used an attack to pass a fraudulent management petition asking for the handover of 18 million AUDIO tokens owned by Audius, valued at $6.1 million.

Cryptographic ideas assist societies in reaching decisions based on cooperation. On the other hand, the malicious management request approved by the distributed music platform Auduis led to the exchange of tokens valued at $6.1 million, with the attacker walking away with $1 million.

Hack Incidents Continue

Hacking incidents and assaults on developing initiatives are a problem in the bitcoin sector. This time, the attacker sent a malicious proposition asking to exchange 18 million AUDIO tokens. The idea that designated the scammer as the keeper of the administration agreement was in acceptance by society. As a result, he acquired permits worth $1 million.

The problem with the Audius Project, according to PeckShield Inc., a blockchain security and information analytics firm, was caused by an uneven storage structure among its proxy and impl. The Audius Public Treasury contract came into problems as a result of this.

The hacker sold the coins in the marketplace for $1.08 million to obtain money. This came about as a result of the significant slippage he caused. Some traders indicated that it would be wise to buy more assets to stop the bleeding and prevent the price from dropping further.

There are currently no additional details regarding what occurred or how the procedure is inevitable to increase its benefits in the future. Social media platforms will play a crucial role in comprehending what transpired and can occur so the same problem does not happen in the future.

Evidently, cyberattacks have become a persistent threat to the bitcoin market. Over the past few years, scammers have attacked hundreds, if not thousands, of initiatives.

Assailants frequently siphoned millions of dollars in borrowed wealth, but in some instances, they already halted them.

The majority knew it would be hard for hackers to steal users’ money with the proliferation of numerous decentralized procedures, even though centralized digital currencies are typically some of the most popular targets for scammers. Unfortunately, these procedures appear riddled with flaws that knowledgeable hackers may easily manipulate.

What Next?

Auduis’ subsequent inquiry verified the theft of AUDIO coins from the company’s vault. In response to the discovery, Auduis actively terminated all AUDIO currencies and Audius blockchain based on the Ethereum platform.

Peckshield, a blockchain analyst, focused on Audius’ storage architecture discrepancies to identify the problem.