Social token platform Roll suffers exploit, token holdings transferred and sold


Roll, a platform for issuing social tokens on the Ethereum network, suffered an apparent exploit on Sunday, resulting in the theft and subsequent sale of tokens.

Blockchain data shared across social media indicates that holdings of numerous social tokens issued on Roll were transferred and liquidated, with some of those funds subsequently moved to transaction mixer Tornado. An analysis by The Block's Igor Igamberdiev indicates that some $5.7 million in ETH was netted during the attack. The market sale of the affected social tokens resulted in significant price declines.

The creator of WHALE, one of the social tokens affected during the incident, shared additional details on Twitter, noting that "[t]he price dip was a result of our social token issuer's hot wallets being compromised with the tokens immediately sold.... This represented 2.17% of total supply and it has been fully diluted into the market."

A representative for Roll confirmed that the project's hot wallet was the target of the attack, stating: "We're looking into a vulnerability in our hot wallet and will share more details as soon as possible." No additional updates have been released as of press time.

This is a developing story and will be updated as new details become available.

Related Reading

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

TRON USDC now available

Delivering on a vision for an interoperable global standard for dollar digital currency, Circle and TRON have partnered to make USD Coin (USDC) available on the TRON blockchain, which has grown to more than 56 million accounts and nearly 2.5 billion transactions since its founding just four years ago. TRON is home to a broad ecosystem for digital assets in Asia and around the world, and the TRON community can now benefit from easy access to the world's fastest-growing, regulated dollar digital currency. 
Read Full Story
Sponsored Post

Layer-1 Platforms: A Framework for Comparison

The Block Research was commissioned by Algorand to create Layer-1 Platforms: A Framework for comparison, which provides a “look under the hood” at seven platforms: Algorand, Avalanche, Binance Smart Chain, Cosmos, Ethereum/Ethereum 2.0, Polkadot, and Solana. We assess their technical design, related ecosystem data, and qualitative factors such as key ecosystem members to get an understanding of how they differ. Having done this analysis, we draw some insights for what the future of the broader smart contract landscape could look like for years to come. 
Read Full Story
Aug 11, 2021, 5:18PM UTC