Social Token Platform Roll Suffers Security Breach of Nearly $6 Million
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Social Token Platform Roll Suffers Security Breach of Nearly $6 Million

March 15, 2021      Jafrin Ahmed

Social token platform Roll has suffered a security breach worth nearly $6 million in cryptocurrencies. Various social tokens that were issued on the platform were transferred and liquidated, with some of the funds being moved to transaction mixer Tornado. The attacker then sold off the various personal tokens using Roll’s competitor platform Rally.

3000 Ether Stolen During Roll Security Breach

Based on on-chain analysis from ‘The Block’ researcher, some $5.7 million in ETH was stolen during the attack. The market sale of the affected social tokens resulted in significant price declines of the concerning tokens.

The creator of WHALE, one of the social tokens affected during the incident, confirmed the hack saying 2.17% of the coin’s supply has been compromised and the rest is secured in the cold storage.

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The hack resulted in decreasing the value of several social tokens minted and distributed on the platform by more than 50% including WHALE, RARE, and PICA.

Meanwhile, the RLY token of competing social money platform Rally has surged to an all-time high.

Ethereum wallet manager, MyCrypto.com shared on Twitter:

“There was some sort of widespread hack/compromise across various social coins, leading to a massive dump.”

Stolen ETH were Transferred to Tornado Cash

In response to the incident, Roll has suspended withdrawals of social money from its Roll wallets and set up a $500,000 fund for its affected users.

The platform has also said that it’s building its infrastructure, getting its code audited, and working with the police in catching the robbers.

A representative for Roll confirmed that the project’s hot wallet was targeted, saying:

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“We’re looking into a vulnerability in our hot wallet and will share more details as soon as possible.”

Data from Etherscan have shown that the stolen ETH were transferred to Tornado Cash, a privacy tool often used by hackers to cover their tracks.

CEO Bradley Miles said, “Our goal is to come back stronger than ever.”

#ETH #Ether #Ethereum #Rally #Roll #Social tokens
Jafrin Ahmed
Jafrin Ahmed

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.