Audius was hacked, all tokens “scattered” in just one transaction

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2022-07-25 00:58:03

Not long after Yam DAO was hacked, the next name that caught the eye of these hackers was Audius (a project with the ambition to bring music to the Web3 space).

Audius was hacked, all tokens “scattered” in just one transaction

Audius reserve fund hacked by hackers

The Twitter page of the Audius project this morning posted a tweet announcing this. Specifically:

“Hello everyone, our team detected a large amount of AUDIUS moving out of the project reserve fund. We are reviewing and investigating the incident. If you want to help the team, please contact us.”

Currently, the current vulnerability is believed to be in the AUDIUS Treasury fund management contract. However, the team has yet to publish a post-mortem report that lists the relevant technical details.

Two weeks ago, Yam DAO also suffered an attack on the project’s reserve fund, but the plot was soon discovered to avoid property damage.

> See more: Yam Finance successfully prevented the administration attack plot

Immediate damage to AUDIUS

The above vulnerability caused the Treasury fund to drain a total of 18.5 million AUDIO tokens. At the market price at the time of the attack (~0.36 USD), this figure is worth approximately 6.6 million USD.

Very quickly, the entire amount of these tokens saw selling pressure in a single transaction, when about 6 million USD worth of AUDIO was sold for 705 ETH (approximately 1 million USD at current ETH rate).

This spread is partly due to the lack of liquidity for AUDIUS.

Latest updates

Currently, Audius announced that it has solved the above problem and suspended the contract on Ethereum to temporarily patch the vulnerability in the fund contract.

“The issue has been found and patching is underway to bring everything back to normal. To hedge against greater risks in the future, all Audius smart contracts on Ethereum will be suspended, including the token smart contract. We believe the asset as a whole will not be at risk in the future.”

The team has also updated that the vulnerabilities have been patched, but many features such as token transfer, balance display have not been activated because of concerns about risks.

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