Last week we wrote about decentralised streaming service Audius launching an artist-tipping feature using its $AUDIO tokens. However, the company ended the week with less-positive news as a ‘malicious governance proposal’ drained the company of 18m $AUDIO tokens – worth over $6.1m but quickly sold for just over $1m.
CoinTelegraph has a report with the key details, with the exploit part of a series of attacks on popular web3 services and NFT brands in recent months. Audius has also published a ‘post-mortem’ blog post with lots of technical details about how the attack worked, and what’s been done to patch up the exploit so it can’t be done again.
“The vast majority of Audius foundation, team, community (eg. via staking) and other funds associated with the ecosystem are safe and were unaffected by this incident,” explained the company.
“Work is in progress in collaboration with the community on possible remediations for the loss of funds, and we are fortunate that many options are still available.”
Music Ally’s next Learn Live webinar will help you understand what’s required for artists to thrive in new international markets!