Hackers Exhausted $1 Million Worth Tokens From Music Platform

Hackers Exhausted $1 Million Worth Tokens From Music Platform
  • The functioning of the smart contract has been paused for a brief time period.
  • More than $1 million Audio token has been hacked.

The decentralized music streaming service Audius was hacked on July 24 at dawn. They disclosed that the theft had caused the company loss of more than $1 million. A malicious proposal began an illegal transfer of 18 million AUDIO tokens from the community treasury.

 

The treasury’s 18 million tokens, which were stolen by the attacker and were valued at about $6 million, were quickly dumped and sold for $1.08 million. A rapid purchase was recommended by investors to stop the floor price of the token from dropping, or even worse out of concerns that this might lead to a sell-off in panic.

To prevent further losses, Audius put all smart contracts and AUDIO tokens on hold on the Ethereum blockchain after the incident. After detailed research and remedy of the issue, it restarted token transfers a few hours later and stated that the remaining smart contract functionality is being unpaused.

Recent Cryptocurrency Hacks

More than $2 billion was lost on Web3.0-based blockchain initiatives in the first half of this year as a result of hacks and attacks.

The Harmony Horizon bridge was the most recent cross-chain device to be compromised in the cryptocurrency industry, losing $100 million, or two-thirds of its capital.

Additionally, Yuga Labs has warned that recent NFT thefts have resulted in block listings for BAYC and other big corporations this year due to hackers. The biggest cryptocurrency sectors have taken action to protect their platforms after the thefts.

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