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NFT music platform Audius loses 18 million cryptocurrency to scammer

NFT Music Platform Audius confirmed that it was exploited by cybercriminals, costing the crypto firm round $6 million. Audius is a music streaming and sharing platform that places the ability again into the arms of content material creators, making it a decentralised platform.

The platform permits listeners to assist artists straight through its native cryptocurrency, AUDIO. As of December 2021, Audius has nearly 6 million month-to-month distinctive customers and hosts over 100,000 artists.

In keeping with MisTrack, a crypto compliance platform, Audius was just lately exploited, resulting in the lack of 18.5 million Audio tokens. It looks as if $6 million in Audio tokens was solely traded for just a bit over $1 million in Ethereum. The funds had been swapped through Uniswap for 705 ETH and stay within the scammer’s handle right now. Uniswap is a  decentralised cryptocurrency trade.

“Our crew is conscious of stories of an unauthorized switch of AUDIO tokens from the neighborhood treasury. We’re actively investigating and can report again as quickly as we all know extra,” Audius mentioned in a tweet. “The problem has been discovered and fixes are in progress to get issues again to a steady state. To stop additional injury, all Audius sensible contracts on Ethereum needed to be halted, together with the token. We don’t imagine any additional funds are in danger.”

Notably, the transaction historical past of the scammer’s crypto pockets reveals that they earlier acquired crypto tokens through Twister Money, a personal crypto mixer. This protocol is normally used to switch cryptocurrency, providing full anonymity.

It must be famous that the rise in DeFi which facilitates crypto-denominated lending outdoors conventional banking, has been an enormous issue within the improve in stolen funds and scams. Hackers have focused DeFis essentially the most, in yet one more warning for these dabbling on this rising section of the crypto trade.

“DeFi is likely one of the most fun areas of the broader cryptocurrency ecosystem, presenting big alternatives to entrepreneurs and cryptocurrency customers alike,” Chainalysis wrote in its annual Crypto Crime report.

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