The Roll Social Money Platform Loses $5.7 Million In Hack

Posted on March 15, 2021 at 5:43 PM

The Roll Social Money Platform Loses $5.7 Million In Hack

The Roll stands as a social money platform, a network that allows users to mint their own brands of digital tokens. These tokens allow the individuals to generate value for themselves, allowing for a way to make money while allowing their fans to participate and show loyalty to the individual, as well. 

$5.7 Million Stolen From Roll

Sadly, Roll saw its hot wallets be attacked on the 14th of March, 2021, and sadly the attack was successful. The entirety of the hot wallet tokens was drained by the hackers, then converted to ETH through Uniswap. This all comes by way of a public announcement on the matter.

This was a very costly incident for Roll. Igor Igamberdiev stands as a research analyst, and had deemed it fit to follow the trail of this attack.

Tracking the transactions, Igamberdiev revealed that the attacker managed to get 3,000 ETH through the hack, which is worth around $5.7 million in today’s going rates. Tornado Cash had already seen 700 of these ETH tokens be sent to it and, as one would expect, the markets for all these social tokens crashed nice and hard.

Communities Left In Tatters

As for the tokens affected, the list includes the following: MORK, WHALE, CHERRY, JULIEN, KARMA, FWB, KERMAN, ALEX, HUE, SKULL, as well as FIRS. 

As one would imagine, the token creators aren’t pleased by this madness in the slightest. One of them, Maxime Hacquard, could only lament as the entire community built was effectively decimated.

The creator and his community had lost every scrap of value from those tokens, as the value for PICA just dropped to 0 afterward. Hacquard made it clear that he expects Roll to issue out full refunds for what happened, but even then they speculated that the damage will be severe.

Talks Of An Inside Job

Now, Igamberdiev had some interesting points to make about the matter, speculating that it might actually be an inside job. He pointed to how the private keys were ultimately compromised, with the victims going as far as providing approvals needed to execute the transfer functions.

Roll was quick to issue out the mandatory public apology you absolutely need to do in such a situation as this, promising a fund of $500,000 to try and help the communities and creators that have all lost around $5.7 million in value. 

The group at least didn’t try to duck and dodge out of the matter. The public apology included an open admittance that this was the fault of Roll, which is a fresh take from the various corporate blame-dodging usually involved in an event like this.

Summary
The Roll Social Money Platform Loses $5.7 Million In Hack
Article Name
The Roll Social Money Platform Loses $5.7 Million In Hack
Description
Roll saw its hot wallets be attacked on the 14th of March, 2021, and sadly the attack was successful. The entirety of the hot wallet tokens was drained by the hackers, then converted to ETH through Uniswap.
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Koddos
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