The Katy Perry-Backed Rival to Spotify Is Hacked
According to blockchain security firm CertiK, San Francisco-based audio streaming service Audius was attacked for 18.5 million AUDIO tokens (approximately $6 million).
The coins were sold for 705 ETH (about $1,100,000.00). The hack was accomplished with the aid of a malicious governance proposal.
By altering governance contract variables, including “execution delay,” “voting period,” and “guardian period,” the hacker was able to vote for and execute the fraudulent proposal.
The decentralised and democratic streaming service built on Ethereum and Solana aims to compete with Spotify and Apple Music by decentralising and democratising the rapidly expanding market. Audius asserts that it distributes the majority of music money to artists (roughly 90 percent ). Two electronic music enthusiasts, Roneil Rumburg and Forrest Browning founded the company in 2018.
The platform was first launched on the Ethereum blockchain. Still, a portion of its service was subsequently migrated to the Solana blockchain to minimise transaction costs and improve speed. To vote on governance recommendations for developing network updates, AUDIO tokens are staked.
Using the Wormhole Portal, the streaming service connected its AUDIO token to Solana in February of this year. This action enabled the introduction of additional Solana-based functionality in the future.
Katy Perry, The Chainsmokers, Mike Shinoda of Linkin Park, and other music industry heavyweights announced a $5 million financing round for the blockchain-based streaming platform in September 2017. Last year, the site also gained a prominent relationship with the video-sharing app TikTok.