Decentralized Music Streaming Platform Audius was Hacked for $6 Million
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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.
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 push the price down. Another investor gave Audius the following request: recover or get out.
Initial research by blockchain security firm Peckshield identified an inconsistent storage arrangement as the issue's primary cause, which Audius has already resolved at the time of publication. The exploit cannot be used anymore. The AUDIO governance token holders can now tip their preferred artists on the platform, and the artists can respond with emojis. Audius recently introduced this functionality. The AUDIO token is an ERC-20 token based on Ethereum but connects to Solana via a bridge to speed up transactions and cut costs.