Audius: Post-mortem of $6m music heist reveals some out of key notes

Hacks inside the cryptocurrency area are very frequent. Lately, a decentralized music platform Auduis suffered because it misplaced 18.5 million AUDIO tokens ($6m) following a malicious assault.

Damaged strings

On 24 July, the Audius group treasury misplaced a big quantity as a result of an exploit within the contract initialization code that allowed repeated invocations of the “initialize” operate. The respective staff shared this growth on the social media platform.

Totally different businesses/corporations took efforts to launch their autopsy report for a deep evaluation behind the stated assault.

A crypto and blockchain safety analytic platform named Certik launched a easy overview to focus on the identical.

Right here, the attacker modified the Audius governance contract’s configurations, then proposed and executed a malicious proposal draining 18.5m AUDIO.

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This allowed an attacker to switch the voting system and set inaccurate stake values within the community.

Ergo, resulting in a malicious switch of 18m AUDIO tokens held by the Audius governance contract (known as the “community treasury”) of their {wallet}. 

Later, the attackers had been capable of do a proposal, cross it, ship themselves all of the treasury tokens, then dump it on Uniswap in a single transaction. Notably, the attacker offered 18m AUDIO tokens for 705 ETH ($1.1m).

As well as, one other agency, Go+ Safety too shared a quick evaluation on 24 July to focus on the stated assault. In a weblog, the agency added a small flowchart asserting the total assault vector.

Tamper with vote parameters -> submit malicious proposal -> Tamper with vote weight -> Vote -> Execute proposal

The agency additional added an in-depth evaluation together with screenshots of the aforementioned timing of the unlucky occasion. One other blockchain investigator Peckshield narrowed down the fault to Audius’ storage format inconsistencies.

Injury management?

The Audius staff up to date that the vulnerabilities were patched, however many options akin to token switch and steadiness show haven’t been activated due to considerations about dangers.

“This was achieved by “proxy-upgrading each contract to a minimal BlockingContract that did not contain the same bug. This prevented further repeated invocations after relegating proxyAdmin control to a predefined address owned by the team.”

However did it assist the affected token? Effectively not likely. The token witnessed an enormous fall on CoinMarketCap as evident within the graph under.

Audius: Post-Mortem Of $6M Music Heist Reveals Some Out Of Key Notes

Supply: CoinMarketCap

On the time of writing, the token (AUDIO) suffered a recent 2% correction because it slid previous the $0.33 mark.

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