Hackers Have Exploited Social Platform Roll And Got Away With $5.7 Million

On the 14th March 2021, popular social money wallet platform Roll got attacked by hackers, with a rough estimate of around USD 5.7 million being lost in the process. Roll enables its consumers to mint (a process of validating information or creating blocks in the blockchain) proprietary online tokens exclusively to one’s digital presence. By doing this process, value is generated that allows followers to display devotion online.

Roll platform got their hot wallet hacked on Monday, and the tokens hacked were later converted to Ethereum using the platform of the decentralized exchange Uniswap, according to Roll’s statement. In their blog, Roll unveiled that the hack resulted because of the leaked private keys and not due to a problem with token or smart contracts.

According to Igor Igamberdiev, a research analyst, the hacker managed to get their hands on 3000 Ethereum, which is worth approximately USD 5.7 million. About 700 tokens have been immediately handed to the Tornado-Cash platform for safekeeping as Tornado-Cash improves privacy.

A few social tokens that were affected by the hack are Firs, Whale, Alex, Mork, Kerman, Hue, Julien, Skull, and Cherry. According to one creator from the community, he lost everything as $PICA dropped to 0, which was worth a big chunk of his salary. According to the creator, the hack resulted in the loss of confidence with the Roll platform regardless of the fact if the “creators” could get their money back or not.

Igor Igamberdiev also suspects someone from inside to be guilty of wrongdoing due to the leaks of private keys that are very hard to do without insider help as each token needed to be approved to transfer from one account to another.

Roll quickly announced a fund that would be worth USD 500,000, which is set for aiding the creators of their platform financially. Social tokens are essential for content creators, celebrities, and others alike to increase the following for art on sale and fans.

According to Coingecko’s tracker, Whale worth about USD 155 million on the marketplace is now down by 25%, FWD plummeted to 96%, KERMAN more than 40%, and MORK by 72%.