NFT Music Platform Audius has confirmed that it was exploited by cybercriminals, costing the crypto company around $6 million. As a decentralized platform, Audius is a music streaming and sharing platform that puts the power back into the hands of content creators.
Audius hosts over 100,000 artists and has almost 6 million monthly unique users as of December 2021. The platform enables listeners to support artists directly via its native cryptocurrency, AUDIO.
Audius was recently scammed, leading to the loss of 18.5 million Audio tokens according to MisTrack, a crypto compliance platform. Just a little over $1 million in Ethereum was swapped for $6 million in Audio tokens. The funds were swapped via Uniswap, a decentralized cryptocurrency exchange, for 705 ETH and remained in the scammer’s address at this time.
“Our team is aware of reports of an unauthorized transfer of AUDIO tokens from the community treasury. We are actively investigating and will report back as soon as we know more,” Audius tweeted. “The issue has been found and fixes are in progress to get things back to a stable state. To prevent further damage, all Audius smart contracts on Ethereum had to be halted, including the token. We do not believe any further funds are at risk.”
According to the transaction history of the scammer’s crypto wallet, it is revealed that they earlier received crypto tokens via Tornado Cash, a private crypto mixer. This protocol is usually used to transfer cryptocurrency, offering full confidentiality.
Among the crypto industry emerging segment, DeFis the most targeted by hackers.
“DeFi is one of the most exciting areas of the wider cryptocurrency ecosystem, presenting huge opportunities to entrepreneurs and cryptocurrency users alike,” Chainalysis wrote in its annual Crypto Crime report.
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