- Audius confirmed that there have been unauthorized transfers of AUDIO tokens from the group treasury.
- The scammer swapped the token by way of the Uniswap DEX for 705 ETH.
- The scammer’s pockets tackle confirmed that that they had moved the stolen tokens by way of a personal transaction protocol.
In the early hours of July 24, Audius, a decentralized music platform, confirmed that there was an “unauthorized transfer” of its utility token, AUDIO, from the group treasury.
Audius additionally famous that its builders have recognized the issue’s supply and brought steps to get issues again to order. While they consider no funds had been in danger, the venture restricted all Audius sensible contracts on the Ethereum community, together with the token balances and transfers, to forestall additional injury.
A crypto monitoring and compliance platform, MistTrack_io, hinted that the estimated loss in income was 18.5 million AUDIO tokens, including that the scammers swapped the funds by way of Uniswap, a decentralized crypto alternate, for about 705 Ethereum (ETH) tokens.
Noteworthy is that the transaction historical past of the scammer’s pockets tackle confirmed that they earlier acquired 10 BNB tokens by way of Tornado Cash, a personal transaction protocol. They have consequently transferred the entire stolen ETH tokens to the protocol to elude captivity.
For context, secret transaction protocols, in any other case known as mixers, are a go-to software for cybercriminals as they assist obfuscate the supply of funds. According to Chainalysis, crypto mixer utilization reached all-time highs in 2022, with practically 10% of all funds despatched from illicit addresses passing by mixers.
Nonetheless, official use of mixers is for a case the place monetary privateness is crucial, particularly to folks residing underneath oppressive governments or who in any other case want the power to make authorized transactions anonymously.