Social Tokens Crash After a Reported Hack at Roll Wallet

The founder of WHALE, a coin issued through the social token platform, confirmed the hack on Twitter.

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Omkar Godbole

Mar 14, 2021 at 8:52 p.m. Updated Mar 15, 2021 at 5:23 a.m.

A number of social tokens, or cryptocurrencies supporting online communities, tanked early Sunday after a reported security breach at Roll.

Tokens like WHALE, RARE and PICA tanked more than 50% during the early European hours, according to data provider CoinGecko. Meanwhile, the RLY token of competing social money platform Rally spiked to all-time highs.

The founder of WHALE, a social coin underpinned by a basket of non-fungible tokens (NFTs), confirmed the hack on Twitter, stating that 2.17% of the coin’s supply has been compromised and the rest is secure in the cold storage.

Whale price dump

Source: @NiftyReport

Roll facilitates the sending and receiving of social money from Ethereum blockchain and within the Roll network.

According to MyCrypto.com, the malicious entity that executed the Roll hack is now sending 100s of ether (ETH, -3.36%) to Tornado Cash, an Ethereum-based privacy tool used by hackers to cover tracks and withdrawn funds.