The Roll social token platform suffered a hot wallet disruption, which resulted in hackers running out of at least $ 3,000 worth $ 5.7 million on March 15.
At about 8:00 UTC, the MyCrypto digital asset management platform reported that a hacker could compromise Rollin’s hot wallet private keys and allow them to freely transfer funds from user accounts.
Scroll after about 12 hours he replied to attack when he announced that a hacker had stolen and destroyed a large number of chips, and that withdrawals had been suspended across the platform:
“The attacker sold all the chips.” No further user action is suggested. ”
Roll added that he had launched a $ 500,000 fund to “help the creators and their communities” affected by the incident.
The attacker stole 11 different social tokens, including $ WHALE, $ RARE and $ PICA. The stolen funds were then transferred to Tornado Cash, a privacy tool often used by hackers to launder stolen funds. The hacker then traded chips for Ether on the popular decentralized Uniswap exchange.
Markets for tokens stolen in violations began to collapse within hours of the attack, with losses accumulating more than 90%. The worst impacts were $ PICA, $ WHALE and $ FWB, which fell by 99.6%, 99.3% and 92.35%.
As a result of the attack, the market ceiling for social tokens on the platform dropped from $ 1.5 billion on March 12 to $ 365 million at the time of writing.
Only with 2.17% of its offer endangered$ WHALE was one of the few tokens that recovered quickly and traded above $ 30 at the time of writing.
A social token is an ERC-20 token that users can create on platforms such as Roll to join their community or sell assets.
Roll’s response to the disruption received mixed reactions on Twitter, with a $ 500,000 fund deserving special attention.
$ 500,000 fund ??
I’m a creator and our community has just lost EVERYTHING ..
The $ PICA just went to 0 …
I got lost like months’ salary
As smaller creative communities, we expect more than this. We hope you get a full refund. Trust there will be seriously damaged
– Maxime Hacquard (@HacquardMaxime) March 14, 2021
Twitter user “LoB” added: “$ 10 million in the non-multisig hot wallet you promised the creators, 12 hours to respond to the incident and $ 500,000 to split into a dozen projects? Okay. “