2 November 2024
Crypto Music Service Audius Loses $1 Million To Hackers
A decentralized music platform, Audius confirmed that in the early hours of July 24, there was an “unauthorized transfer” of its utility token, AUDIO, from the community treasury.
The team of developers has identified the problem’s source and taken steps to get things back to order. Although no funds were at risk, they restricted all Audius smart contracts on the Ethereum network, including the token balances and transfers, to forestall further damage.
According to crypto tracking and compliance platform, MistTrack_io, the estimated loss in revenue was 18.5 million AUDIO tokens. Scammers also swapped the funds via Uniswap, a decentralized crypto exchange, for approximately 705 Ethereum (ETH) tokens.
The history of transactions of the scammer’s wallet address showed that they earlier received 10 BNB tokens via Tornado Cash, a private transaction protocol. Hackers transferred all of the stolen ETH tokens to the protocol to elude captivity.
As per Chainalysis, the crypto mixer usage reached all-time highs in 2022, with nearly 10% of all funds sent from illicit addresses passing through mixers.
Nonetheless, legitimate use of mixers is for a case where financial privacy is essential, especially to people living under oppressive governments or who otherwise need the ability to make legal transactions anonymously.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice
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