The decentralized music platform Audius was hacked over the weekend, with threat actors stealing over 18 million AUDIO tokens worth approximately $6 million.
Audius is a decentralized streaming platform hosted on the Ethereum blockchain where artists can earn AUDIO tokens by sharing their music, and users can earn tokens by curating and listening to content.
After a hacker stole $6 million worth of AUDIO tokens this weekend, the platform responded within minutes by freezing several services until the developers could deploy fixes to prevent further theft of tokens.
According to a post-mortem report published by Audius on Sunday, the hacker exploited a bug in the contract initialization code that allowed them to perform repeated invocations of the initialize functions.
This enabled the intruder to transfer 18.5 million AUDIO tokens held by the so-called “community treasury” to their wallet, essentially stealing a significant amount of money and changing the platform's governance...
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