The roll social token platform was quickly hacked, with hackers using at least 3,000 ETH worth $ 5.7 million on March 15.
Around 8 UTC, the digital asset management platform MyCrypto reported that a hacker may have compromised the private keys to the Hot Roll wallet, allowing them to transfer money from users’ accounts at will.
After about 12 hours, Roll responded to the attack by announcing that a hacker had stolen a large amount of tokens according to my description and that withdrawals through the platform had been suspended:
“The attacker sold all the tokens. The user does not suggest any further action. ”
Roll added that she created a $ 500,000 fund to “help creators and their communities” affected by the accident.
The attacker stole 11 different social tokens, including $ WHALE, $ RARE and $ PICA. The stolen money was then transferred to Tornado Cash, a privacy tool that hackers often use to launder stolen money. Hacker then traded tokens for ether at the popular decentralized Uniswap exchange.
Stolen foreign exchange markets began to erode within hours of the attack, rapidly accumulating losses of over 90%. Among the most affected companies are PICA $, $ WHALE $ and $ FWB, which fell by 99.6%, 99.3% and 92.35% respectively.
As a result of the attack, the market value of social icons on the platform has dropped from $ 1.5 billion as of March 12 to $ 365 million at the time of writing.
With only 2.17% at risk, $ WHALE was one of the few tokens that recovered quickly, trading over $ 30 at the time of writing.
A social token is an ERC-20 token that users can create on platforms such as Roll to interact with the community or sell assets.
Roll’s reaction to the hack generated controversy on Twitter, with a particular focus on the $ 500,000 fund.
Twitter user “LoB” added: “$ 10 million in the not-so-hot wallet you promised the creators, 12 hours of response time and $ 500,000 to split into dozens of projects? Sorry.”