Audius (AUDIO), an artist-run and community-owned music streaming service, aims to allow anyone to freely distribute, monetize and stream audio.
Audius is a platform that connects artists directly with listeners. It removes middlemen and record labels from the equation and helps artists make more money.
Audius, which the developers claim is the next Spotify and SoundCloud on blockchain, can be described as bitcoin’s digital analog to gold. “The cryptocurrency music app seeks to decentralize, democratize, and give artists more control and money.”
Unknown person was able modify the smart contract that manages Audius and created a fraudulent offer to withdraw $6,000,000 in AUDIO tokens.
Unknown person changed the voting time and delayed execution of the vote result. The attacker took the stolen cryptocurrency to be sold, but due to market slippage, was able to only sell $6 million worth of cryptocurrency in Ethereum for $1.1 million.
According to the address transfer history of the attacker, the cryptocurrency obtained from the sale was “laundered”, at 100 ETH per transaction via the Tornado Cash mixer.
Audius representatives confirmed that the hack was done. After a thorough study, the project developers claim that the smart contract’s functionality has been restored. It is not clear if Audius will compensate investors.