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News hardware & software 19 March 2021, 14:42

author: Arkadiusz Strzala

Hacker Steals Almost $6 Million in Crypto Tokens

Cryptocurrency website Roll fell victim to a hacker attack. Cybercriminals cracked passwords and stole the equivalent of $5.7 million in Ethereum-based tokens.

A hacker stole the equivalent of $5.7 million from a cryptocurrency wallet. His target was the Roll website, which enables its users to create social tokens based on Ethereum. It was these tokens that fell prey to the thief. It is not yet clear how he cracked the passwords, but it is already known that he exchanged the stolen cryptocurrencies for ETH through transactions on the Uniswap exchange.

The theft took place on March 14, around 3:30 a.m. EST. All social tokens from Roll's so-called hot wallet disappeared. In connection with the incident, its administration published an official statement and stopped all withdrawals. A fund of 500 thousand dollars was also created to help those affected by the attack.

The hot wallet generally only contains a portion of the client's assets, hence not everyone is affected equally. Some people have lost only a few percent of their tokens, while others report that they have had everything stolen from them. There is no shortage of voices saying that the relief fund may not be enough.

Crypto Tokens

Tokens are a type of cryptocurrency that runs on top of another cryptocurrency (or coin). You can imagine it better by comparing tokens and coins to chips and cash in a casino. Tokens can be used to pay, because they hava value thanks to the blockchain of the cryptocurrency they are based. Anyway, you can see that token transaction costs are calculated in relevant coins. More than 90% of existing tokens are currently based on Ethereum. The most popular ones are for example Tether, Uniswap, Chainlink.

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