Decentralised music streaming protocol Audius has turn out to be the most contemporary DeFi platform to lose money to hackers.
Decentralised music streaming protocol Audius reported on Sunday, 24th July, that a hacker stole funds from its group treasury.
Consistent with Audius, the hacker leveraged a malicious governance vote to steal funds from the protocol. The Audius team said;
“Hiya, all people – our team is attentive to stories of an unauthorized transfer of AUDIO tokens from the group treasury. We’re actively investigating and might maybe per chance well even unbiased collected file succor as quickly as we know more. Must you’d admire to succor our response team, please attain out.”
The safety firm CertiK said that the hacker efficiently modified certain configurations within the tidy contract frail by the music streaming protocol’s streaming system.
By making these adjustments, the hacker used to be in a plot to salvage succor an eye on of the tidy contract.
(1/2) The attacker known as the “initialize” feature within the Audius governance contract to switch configurations (by re-initialization) equivalent to “vote casting duration”, “execution lengthen”, “guardian address”.
Then the attacker submitted the malicious proposal(ID 85).
— CertiK Alert (@CertiKAlert) July 24, 2022
The attacker then went on to carry out and approve a governance proposal (Proposal #85). The proposal sought to transfer 18 million AUDIO tokens from the group treasury.
The on-chain records printed that the attack took plot at 7 p.m. ET on Saturday. Though the 18 million AUDIO tokens were price round $6 million, the attacker might maybe per chance well even completely promote 705 ether ($1.1 million) due to the excessive quantities of market slippage.
The stolen funds are for the time being sitting within the hacker’s address. The Audius team added that it had identified and mounted factors in its tidy contract. It steered its group that a autopsy file can be offered quickly.
Pending the file, the Audius team said it had build the tidy contract on cease. Audius is one among the leading decentralised music streaming protocols. The protocol enables artists to monetise their work utilizing the governance and utility token known as AUDIO. The AUDIO token is for the time being readily accessible on the Ethereum and Solana networks.
