Music Platform NFT Its exploitation by cybercriminals, which cost the cryptocurrency corporation almost $6 million, was verified by Audius. It is a decentralized platform because Audius, a music streaming and sharing service, returns control to content producers.
Using the platform’s native cryptocurrency, AUDIO, users may directly support musicians. In December 2021, Audius hosted over 100,000 artists and approximately 6 million monthly unique users.
According to the cryptocurrency compliance tool MisTrack, Audius was recently misused, leading to the loss of 18.5 million Audio tokens. For the $6 million in audio tokens, it seems like just a little more than $1 million in ether was swapped. After being traded via Uniswap for 705 ETH, the funds are still in the con artist’s address. Uniswap is a decentralized marketplace for cryptocurrencies.
Our staff is aware of reports claiming that AUDIO tokens were illegally transferred from the community treasury. In a tweet, Audius stated, “We are actively looking into this and will inform you as soon as we discover more. “Repairs are being developed to solve the issue and bring about stability. All of Audius’ smart devices have been turned off to prevent further harm.
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Notably, the scammer’s cryptocurrency wallet’s transaction history discloses that they previously obtained crypto tokens using Tornado Cash, a personal cryptocurrency mixer. With complete anonymity provided, this protocol is typically used to transfer cryptocurrencies.
It should be emphasized that the surge in frauds and stolen money has been significantly influenced by the growth of DeFi, which enables crypto-denominated lending outside of regular institutions. In yet another cautionary tale for individuals playing in this developing area of the crypto sector, hackers have targeted DeFis the most.
According to Chainalysis’ annual Crypto Crime report, “DeFi is one of the most interesting parts of the larger cryptocurrency ecosystem, offering a significant opportunity to businesses and cryptocurrency users alike.”