The “Audius” crypto project hack caused a drop in the price of the digital currency “AUDIO”…Details here

The “Audius” crypto project hack caused a drop in the price of the digital currency “AUDIO”…Details here

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Answer The “Audius” crypto project hack caused a drop in the price of the digital currency “AUDIO”…Details here

Recently, “Audius,” a San Francisco-based crypto audio-streaming startup, was taken advantage of.

Project “Audius” has had 18.5 million AUDIO coins stolen (nearly $6 million), according to CertiK, a blockchain security company.

The target cryptocurrency was sold for 705 ETH (about $1.1 million).

The attacker successfully hacked with the help of a malicious governance suggestion.

By modifying governance contract configurations, such as execution delay, voting period, and guardianship period, the hacker was able to vote on and execute the malicious proposal.

The Ethereum-based streaming service, Solana, positions itself as the future of audio streaming, and aims to compete with giants like Spotify and Apple Music by decentralizing and democratizing the fast-growing industry.

In a clarification statement from “Audius” I told that the lion’s share of music revenue goes to artists (about 90%).

The startup “Audius” was developed by electronic music aficionados Roneil Rumburg and Forrest Browning, in 2018.

“Audius” moved part of its service to the Solana blockchain in order to reduce fees and achieve better performance.

The allotted AUDIO digital tokens are used to vote on management proposals to implement network upgrades.

In February, the streaming service made its AUDIO cryptocurrency available on Solana with the help of the Wormhole Portal.

Read:Ripple CEO: We spent an entire year convincing MoneyGram about XRP

This move allowed for more Solana-based features to be introduced in the future.

Last September, the blockchain-based streaming platform Audius announced a $5 million investment round funded by Katy Perry and other singers.

The platform also secured a high-profile partnership with video-sharing app TikTok last year.

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