Approximately $1 million in tokens from the Audius (AUDIO) platform, which offers streaming of tokenized music, were recently stolen after a few hackers to carry out a sophisticated attack against the project.
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The attack ended up exploiting Audius' governance system, which allows the community to vote on decisions futures according to the balance of Audio tokens in the wallet, that is, whoever has more cryptos votes with greater Weight. On July 23, attackers managed to bypass the mechanism using fake votes and divert cryptocurrencies from the platform.
The attack was carried out in two phases. In the first, the hackers made a proposal where 10 trillion crypto audios were moved to a smart contract, but it failed shortly after not having the votes granted by the community.
The invaders then tried to launch a second proposal, but this time, the transfer of 18 millions of Audio tokens from the project to a certain smart contract controlled by them due to a bug in the code.
The hackers then ended up creating an artificial amount of tokens to try to trick the system and rig any vote that was submitted to the community, using about of 10 trillion Audio Tokens that would be “symbolic” to try to distort the result, win the vote and then be able to send the 18 million Audio Tokens to them same.
The 18 million Audio cryptocurrencies stolen were exchanged for over 700 Ethereum (ETH), which is worth around $1 million.
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