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BCH $515.13 (0.53%)
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Hacker Nabs $5.7M on Social Token Platform Roll

ROSE Fib Retracement
  • Social token platform Roll experienced a hot wallet hack on March 15.
  • Roll added a $500,000 fund to help those affected by the incident.
  • The social token platform market cap fell from $1.5 billion down to $365 million.

Social token platform Roll experienced a hot wallet breach on March 15. The breach resulted in hackers draining tokens worth 3,000 ETH, or about $5.7 million.

At around 8 AM UTC, MyCrypto reported on Twitter, “There was some sort of widespread hack across various social coins, leading to a massive dump.”

After roughly 12 hours, Roll acknowledged the attack. Roll declared that hackers took and liquidated many tokens. As a result, Roll suspended withdrawals on the platform.

Roll added that it allotted a $500,000 fund to “help creators and their communities” affected by the incident.

The hacker stole eleven different social tokens, including $WHALE, $RARE, and $PICA. Also, the hacker transferred the stolen funds to Tornado Cash, a tool often used by hackers to launder stolen funds. After that, the hacker traded the tokens for Ether on the decentralized exchange.

The stolen token’s market began to dump within an hour of the attack, accumulating more than 90% losses. As a result, the platform’s social tokens market cap fell from  $1.5 billion as of March 12 down to $365 million.

Of note, there have been several hacking incidents lately. Yearn.Finance also experienced a hacker attack on one of its DAI vaults and lost $11 million last month. However, the DeFi yield farming project quickly alerted its users via their official Twitter account.

Also, the Yearn.Finance tweet mentioned that the team is dealing with the attack. The tweet also assures the users they will receive a complete update on the situation.

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A Computer Engineering graduate who writes news focuses on cryptocurrency-related and blockchain technology. He is enjoying using his skills to contribute to informing people of the exciting technological advances that happen every day.