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Audius Hacked for $1 Million
Crypto market overview and decentralized music platform Audius gets hacked.
The crypto markets start the week off to a slow start after some upward momentum last week. Bitcoin is still hovering around $22,000 and Ethereum $1500. The total cryptocurrency market cap is hanging above the $1 trillion mark for the first time in a few months.
Decentralized finance has also bounced back off its lows from last month gaining over $10 billion in July. Currently, total value locked is sitting around $84 billion.
Market cap can be a deceptive indicator of the crypto market. TVL takes into account the value of assets locked on certain protocols, while market cap considers all tokens in existence. TVL can be thought of the credit market of crypto where users can stake, lend, and borrow assets.
Audius Exploit
Audius is a leading decentralized music platform that fell victim to a hack for 18 million AUDIO tokens. The hacker was able to exchange them for roughly $1 million.
Post-mortem from this weekend's attack is now live: blog.audius.co/article/audius…
Highlights:
- Audited contracts were compromised due to an exploit in the contract initialization code that allowed repeated invocations of the "initialize" function.— Audius 🎧 (@AudiusProject)
Jul 25, 2022
The attack was an extremely sophisticated hack that allowed a malicious governance proposal to pass. The hacker immediately took the Ether and laundered it through Tornado.cash. Be sure to check out CoinDesk's deeper analysis on the technical maneuvers of the hack.
Attackers stole around $1.1 million worth of tokens from tokenized music streaming project Audius over the weekend using a sophisticated attack involving the project’s governance forums.
By @shauryamalwa
trib.al/LgC6EAH
— CoinDesk (@CoinDesk)
Jul 25, 2022
Blockchain dapps continue to become a larger and larger market for criminals to make off with digital assets. Being on the blockchain allows for pseudo anonymity which makes it much more difficulty for authorities to track and bring hackers to justice.
When/who will be the next victim and how much will they take?