Thu, June 13

Social Token Platform Roll Suffers $5.7M Hack

Social Token Platform Roll Suffers $5.7M Hack Altcoin News
  • Roll has been compromised, however, costing users millions.
  • The attacker was able to sell off different personal tokens built using Roll’s service.
  • Roll made a $500, 000 fund to help the community affected by the attack.

Social token platform Roll suffered a security breach. However, crashing many popular personal tokens built on top of the platform. More so, hackers drained $5.7 million worth of crypto.

Roll platform suffers a security breach

After nearly 12 hours, Roll has made an announcement that hackers had stolen and sold a huge number of tokens. 

In addition, the withdrawal had been suspended across the platform. Added to this Roll made a $500, 000 fund in order to help creators and their communities that were affected by the attack.

Even more, several cryptocurrency influencers such as Kerman Kohli and Alex Masmej cashed in on the incident in 2020. Moreover, the hacker stole 11 various social tokens, including $WHALE, $RARE, and $PICA. 

However, the stolen funds moved to Tornado Cash, a privacy tool often used by hackers to launder stolen funds. The hacker then traded the tokens for Ether on Uniswap, a popular decentralized exchange.

Moreover, the stolen token market began to dump. Nevertheless, PICA, $WHALE, and $FWB, plummeted 99.6%, 99.3%, and 92.35% respectively. Furthermore, the market cap of social tokens on the platform decreased from $1.5 billion as of March 12 to nearly $365 million.

A social token is an ERC-20 token user can develop on platforms like Roll for engaging with their community or sell assets.

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Cryptocurrency and blockchain tech interest has enticed Carolyna to write for NewsCrypto. She made her personal mission to help non-crypto geeks to understand the technology with ease.