It is reported that the decentralized music platform Audius suffered a hack last weekend, and the attackers stole more than 18 million AUDIO tokens, with a total value of about 6 million US dollars. The price of AUDIO plummeted 17% within an hour due to this event, before which they do a lot of data protection.
Audius is a decentralized streaming platform hosted on the Ethereum blockchain, where artists earn AUDIO tokens for sharing their music, and users earn tokens for listening to the content.
According to a post-mortem analysis report released by Audius on Sunday, the hackers in the incident exploited a bug in the contract initialization code that allowed it to repeatedly call the initialization function (the specific attack principle can be viewed by clicking the link to the official report at the end of the article). After the hackers successfully stole 18,564,497 AUDIO tokens, the Audius platform responded within minutes, quickly freezing several services to prevent further token theft until the developers finished deploying the fix.
Audius officials said: “Although Audius’ contract system has undergone two in-depth security assessments from two different auditors in August 2020 and October 2021, neither found any exploits in this incident. Vulnerability. This vulnerability has been in the wild since the contract was deployed. For Audius and other blockchain-based projects, this is a lesson in that auditing does not always find all exploitable bugs.”
Compared to other similar events, Audius was lucky this time. When a hacker launched a cyber attack, most of Audius’ team members were awake and able to respond quickly, preventing more serious damage.
You must therefore do data backup well, regardless of the nation or industry, in order to feel confident enough to fend off cyberattacks. We have backup and recovery procedures in place in case a cyberattack takes data, minimizing the loss.