The decentralized music platform Audacious said that its utility token, Audio, was “transferred unauthorized” from the community treasury in the early hours of July 24.
Audacious also said that the problem’s root cause has been found and that steps are being taken to get things back to normal. Even though they are sure that no money was at risk, the project blocked all Audacious smart contracts on the Ethereum network, including token balances and transfers. This was done to stop more money from being lost.
MistTrack io, a tool for tracking and analyzing cryptocurrency transactions, says that criminals traded money for about 705 Ethereum (ETH) tokens on a decentralized cryptocurrency exchange called Uniswap. It was thought that this loss of income would cost 18.5 million audio tokens. – Changed.
Notably, the fraudsters already had 10 BNB tokens, which they got through the Tornado Cash private transaction protocol. This can be seen in the transaction history of their wallet address. So that they don’t get caught, they moved all of the stolen ETH tokens to the protocol.
To put things in perspective, Secret Transaction Protocols, which are also called “mixers,” are a way for hackers to hide where money comes from. Chainalysis says that the most people used cryptocurrency mixers in 2022, when at least 10% of money that came from wrong addresses and went through the mixer.