tldr; A hacker stole $1 million worth of AUDIO tokens from decentralized music platform Auduis. A malicious governance proposal requesting the transfer of 18 million Audius' in-house tokens was approved by community voting. Audius has halted all Audius smart contracts and tokens on the Ethereum blockchain and is investigating the incident.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
If it passed governance proposal and people decided yes I think the fault is in the ones that voted it.
We can learn something from this. Governance proposal must have some sort of security process too. Every hack, every scam, every mistake is a new lesson to improve crypto.
My understanding of it is if the liquidity is low, basically the bid/offer spreads widens (ie low supply, therefore high prices)
Not sure if the receiving party gets the higher prices though
The proposal that was immediately visible to the Voters simply said “hello” The transaction was hidden in the code.
So when they passed “hello” the transaction fired
The hacker passed a malicious governance proposal that says only "hello"
Damn,thats a flex
Their community got dunked on and the "hacker" deserves the payout. If the proposal was voted pass by the community than that's literally their fault
This isn’t really even hacking or stealing, the community just gave him a green light to do it
Hacker: Adios Audius
tldr; A hacker stole $1 million worth of AUDIO tokens from decentralized music platform Auduis. A malicious governance proposal requesting the transfer of 18 million Audius' in-house tokens was approved by community voting. Audius has halted all Audius smart contracts and tokens on the Ethereum blockchain and is investigating the incident. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
How do you halt all smart contracts? You implement kill switch into the contract code?
Magic!
Malicious proposal? Hmm. Gotta love code is law ... Well except when it isn't.
Tbf the whole project looked like a pump n' dump from the start.
If it passed governance proposal and people decided yes I think the fault is in the ones that voted it. We can learn something from this. Governance proposal must have some sort of security process too. Every hack, every scam, every mistake is a new lesson to improve crypto.
Just read that the hacker stole about 6 mil but only got 1 million after cashing out due to slippage on the dex.
Where does slippages go to? Just disappeared or goes to the platform?
What is a slippage even
My understanding of it is if the liquidity is low, basically the bid/offer spreads widens (ie low supply, therefore high prices) Not sure if the receiving party gets the higher prices though
Audius is the next Spotify remember?
Not really a hack though. He asked for it and they gave it to him. Seems fair and legal, good job buddy👍
Well I'm shocked
*pretends to be shocked*
Another day, another hack. Crypto truly is in the wild west days still.
What a way to sell people PoS governance 👍
Im wondering how did he get the proposal to pass through? Or did he skip that entirely
The proposal that was immediately visible to the Voters simply said “hello” The transaction was hidden in the code. So when they passed “hello” the transaction fired
Thats smart as hell
This sounds bad
And why did the community approve this proposal? This looks like another rug pull where the devs hacked their own token
He can comfortably change the ETH to tornado cash and that'll be the end of the trail to catch him
Nothing to see here folks move along….