Audius price plummets after Roneil Rumberg announces on Twitter $1 million robbed from community treasury in July 2022

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Audius coin price continues to plummet after hacker robs $1 million from the community treasury.

One of the world’s leading blockchain-based streaming platforms has suffered a seven-figure hack amid the $2 trillion crypto crash.

Audius was reportedly hacked via a malicious exploit that took advantage of the platform’s built-in governance structure to withdraw tokens. The perpetrator made off with over $1 million in the process.

According to Cointelegraph, the hacker was able to solely request the transfer of 18 million $AUDIO tokens by establishing themselves as the singular guardian of the contract, known as “Proposal #85.” The 18 million tokens were originally worth $6 million at the time, but due to the hacker’s move to hastily dump the reserves on the open market simultaneously, the resulting collapse in price enabled them to net just over $1 million from the exchange.

Audius took to Twitter to announce an internal investigation into the matter, which they deemed “an unauthorized transfer of AUDIO tokens from the community treasury.”

CEO Roneil Rumburg clarified that while the funds were stolen from the community treasury, the perpetrator’s proposal was not voted on or approved by users of Audius, a decentralized platform.

“This was an exploit—not a proposal proposed or passed through any legitimate means—it just happened to use the governance system as the entry point for the attack,” Rumberg told Cointelegraph.

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