A malicious hacker stole $6 million through the Audius music platform’s decentralized governance architecture. The hacker claimed that the Audius community had accepted the transfer of 18 million AUDIO tokens from the community treasury. Using the smart contract function “initialize,” he declared himself the contract’s sole guardian. To save additional money from the community treasury from being lost, Audius initially suspended smart contracts and AUDIO tokens. They were able to restore smart contract functionality quickly. Both the foundation treasury and the community treasury are secure repositories for money. The firm declared that it would probably publish a thorough post-mortem tomorrow. The $AUDIO token is fully functional once again. Remaining smart contract functionality is being unpaused after thorough examination / mitigation of the vulnerability. Thank you all for your patience and understanding. Full post-mortem likely to come tomorrow. — Audius 🎧 (@AudiusProject) July 24, 2022 Hacker Lowers the Price of AUDIO The hacker stole 18 million tokens worth $6 million and sold them for $1.08 million on the decentralized market Uniswap, which led to a drop in the value of the AUDIO token. Slippage, which can state as a percentage or a dollar amount, is the discrepancy between the predicted price of a token and the price at the time the order executes. One investor offered a buyback to avoid a selloff that would further ...
