Once again, malicious bad actors have tarnished the reputation of the online world. This time, using cunning hacking techniques, 18.5 million $AUDIO ($5.8m) tokens were stolen from Audius, a Web3 streaming platform. The nefarious assault happened on July 23 and took advantage of a weakness in the delegation, staking, and governance contracts. Audius has disclosed that it has finally shut down the exploit and safeguarded its remaining assets, nonetheless. Despite this, precautions have been made to guard against any dangerous code that the attackers may have left behind.
Crypto sleuths were able to track down the perpetrators of the heinous theft after they switched the tokens for 705 ETH ($1m) via the Uniswap protocol and made a lowball offer to ensure a deal. The unwanted hackers then used a private transaction facility to channel the stolen money and concealed any further activity from the Web3 community's prying eyes.
Audius launched a detailed investigation of the events that took place immediately after the breach, noting the harm done, the causes of the theft, and the measures needed to stop a future recurrence. But in the future, a lot of attention will be needed to protect the platform from these unwanted pretenders.
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