Personal Tokens Crash as Roll Suffers Nearly $6M Hack

2021-3-15 18:22

Following a major breach of social money platform Roll, many popular personal tokens built on top of the platform have crashed.

Personal Tokens See Red

Creators can use Roll to create personal tokens for their community to raise funds for personal projects. Several crypto-specific influencers like Kerman Kohli (KERMAN) and Alex Masmej (ALEX) cashed in on the phenomenon in 2020. 

Both tokens and many others using the platform have since crashed due to a key breach within Roll. 

Will keep everyone posted on the situation as I find out more from the @tryrollhq team.

That being said, $KERMAN holders will still retain 1% of the ARCx supply. Even though liquidity was drained, the fundamentals haven't changed. https://t.co/t8LkXOTA1F

— Kerman (@kermankohli) March 14, 2021

Roll abstracts the technical details of token creation, offering a low-entry tokenization service for community leaders. Minting, vesting, and the tokenomics of each coin are designed by each creator based on their preferred parameters. Many have compared the mechanism as a novel form of an Income Share Agreement (ISA). 

Masmej, for instance, distributed his personal tokens under the premise that some holders could enjoy 15% of his income for joining the token sale. 

His token has, however, crashed by nearly 50% in the last 24 hours.

“As you might have seen, the $ALEX token has been hacked alongside other social tokens,” he wrote on Twitter. “I just woke up and our social token issuer is still investigating.”

Based on on-chain analysis from researcher Igor Igamberdiev, it would appear that a key hot wallet at Roll was compromised. “As a result, an attacker earned almost [$5.7 million],” they said.

With this key wallet compromised, the attacker was thus able to sell various personal tokens built on the Roll infrastructure. 

Igamberdiev also suggested that the attack may have been an “inside job” based on the attack’s anatomy. 

The Roll team has yet to release a formal announcement. Users have made that team aware of the attack, and they plan to provide a statement by Monday. 

Disclosure: The author held Ethereum and Bitcoin at the time of press. 

Similar to Notcoin - Blum - Airdrops In 2024

origin »

VIP Tokens (VIP) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 VIP

nearly hack suffers roll tokens crash personal

Источник: cryptobriefing.com

nearly hack → Результатов: 36


Did the $41M Bitcoin Theft Create a Buying Opportunity for Binance Coin (BNB)?

Binance Token (BNB) has taken a significant due to the Binance Bitcoin hack but is the recent pullback an opportunity for buyers? BNB Maybe a Steal as Binance Reels Since topping out at $25. 49 Binance Token (BNB) has pulled back by nearly 27% and the fallout from last week’s Tether – Bitfinex scandal along with Binance’s recent $41 million bitcoin theft are taking their toll on the exchange’s native token.

2019-5-11 01:00


Target and Google Official Twitter Accounts Hacked, Used for Crypto Scams

In what is becoming an emerging trend, Twitter accounts of popular brands are being hacked in an attempt to scam unsuspecting users out of their cryptocurrencies. Target and Google are two high profile targets that have seen their accounts taken over by hackers who, in turn, have used them to scam followers by advertising fraudulent crypto giveaways.

2018-11-15 23:40


NANO Developers Cleared in Lawsuit over BitGrail Hack

NANO (NANO)–NANO, the cryptocurrency formerly known as Raiblocks XRB, has had one of the more historically bad trajectories of the 2018 bear cycle. While the coin experienced a meteoric rise in valuation to close out 2017, one that saw the price of the coin climb from under a dollar to nearly $36 in the span […] The post NANO Developers Cleared in Lawsuit over BitGrail Hack appeared first on Ethereum World News.

2018-10-24 03:59


Rambus CTO Says Use Cases For Crypto Network Tokens Proving Their Value

Network Tokens Proving Their Value Personal identity numbers are only as secure as user behavior allows, and organizations entrusted to safeguard them are also hack points for fraud. Chakib Bouda, the CTO of Californian concern Rambus, has pointed out that this is precisely what tokenization can eliminate. For nearly two decades, tokens have been employed […]

2018-7-9 21:38


Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Weekend Roundup: Bitcoin at $60,000, Was Roll Hacked?

Bitcoin ATH over $60,000 The weekend started well for Bitcoin as BTC struggled across the $60,000 threshold for the very first time on Saturday. However, by Sunday, the market grew accustomed to the idea of Bitcoin at this price, and the coin hit a new All-Time High of $61,711 before moving back toward the $60,000 … Continued The post Weekend Roundup: Bitcoin at $60,000, Was Roll Hacked? appeared first on BeInCrypto.

Hack Nets ~2600 ETH from Roll: Details Coming

Twitter users are posting about suspicious activity. At the moment, it seems that a hack stemming from use of the Roll social token platform ‘drained’ about 2600 ETH from social token pools. What we Know WARONRUGS, which pointed to the security problems on the PAID Network that later led to a Mar.