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Decentralized music firm Audius becomes hacker’s target

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HIGHLIGHTS :

  • The firm has lost around 18 million community tokens
  • These tokens are created on the Ethereum blockchain
  • The hacker got about 18 million dollars by selling them

The firm has temporarily banned all smart contracts and audio tokens as a precautionary measure. These tokens are created on the Ethereum blockchain

The firm has lost around 18 million community tokens

Hackers’ attacks on the crypto segment have increased in the last few months. Decentralized music platform Audius lost around 18 million community tokens in a hack attack last week. The hacker used a fake governance proposal to break into the firm’s systems with a request to transfer audio tokens. The total cost of these tokens is more than 6 million dollars but the hackers got about 18 million dollars by selling them.

CoinTelegraph reported in a report that the hacker had initiated this proposal and was controlling the governance contract himself. A decentralized community claims to make governance decisions as per consensus. The members of the community vote on these decisions. However, Audius co-founder and CEO Roneil Rumburg clarified that the community did not pass the proposal. “This proposal was not taken forward.

These tokens are created on the Ethereum blockchain

Audius has temporarily banned all smart contracts and audio tokens as a precautionary measure. These tokens are created on the Ethereum blockchain. Recently, at least 54 BAYC NFTs were stolen by hacking the Instagram account and Discord server of the NFT series Bored Ape Yacht Club (BAYC). It caused a loss of about $ 137 million. Yuga Labs, the owner of BAYC, and Instagram have started an investigation. A BAYC spokesperson said that the hacker had posted a fake link to a website that looked like Bored Ape Yacht Club.

The hacker got about 18 million dollars by selling them

After the hack was discovered, BAYC alerted its community and removed all links from Instagram and its platforms. Apart from this, BAYC has also prohibited the creation of NFT on behalf of the users. In this case, users who click on the fake Airdrop link have become the target. The stolen NFTs were transferred to the wallet address of the hackers.

These tokens are created on the Ethereum blockchain

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