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

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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.

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Aug 11, 2021, 5:18PM UTC
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