HomeCrypto NewsAltcoinAudius suffers from admin attack, loss of 6 million dollars

Audius suffers from admin attack, loss of 6 million dollars

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The blockchain startup, backed by some of the industry giants, has suffered a governance attack.

Audius, a San Francisco-based startup, has been hacked 18,5 million tokens AUDIO (approx 6 million dollars), according to blockchain security firm CertiK.

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The tokens were sold for 705 ETH (about $1,1 million). The attacker performed the hack with the help of a malicious admin suggestion. By modifying the governance contracts, the hackers voted for the malicious proposal and executed it.

Audius positions itself as the future of streaming, aiming to compete with giants like Spotify and Apple Music.

Audius says it directs music revenue to artists (about 90%). The company was developed by Roneil Rumburg and Forrest Browning, two electronic music enthusiasts, in 2018.

The platform was initially launched on the Ethereum blockchain, but it later moved part of its services to the Solana blockchain to reduce fees and achieve better performance.

Last September, Audius announced a $9 million investment round funded by pop superstar Katy Perry, The Chainsmokers, Linkin Park's Mike Shinoda and other music industry powerhouses.

The platform also had a well-known partnership with video-sharing app TikTok last year.

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