The social tokens started tanking after the recent hack on the Roll wallet with the founder of WHALE coin, confirming the hack on Twitter so let’s read more in our latest altcoin news.
A number of social tokens or cryptocurrencies that support online communities, dropped over the weekend after a reported hack of the Roll wallet. Tokens like PICA, RARE, and WHALE crashed by more than 50% in the early European Hours as per the data provider coinGecko while the RLY token of the competing social money platform Rally, hit a new all-time high. The founder of WHALE, a social token that underpins a basket of non-fungible tokens confirmed the hack on Twitter and stated that 2.17% of the coin’s supply was compromised while the rest is in secure cold storage.
Roll facilitates sending and receiving social money from the Ethereum blockchain on the Roll network. According to the data by Mycrypto.com, the malicious entity that executed the Roll hack is sending 100s of ETH to Tornado Cash which is an Ethereum-based privacy tool used by hackers to cover the tracks of the funds.
As reported recently, Hacken, the prominent cybersecurity and cryptocurrency community organized the first Grey Hat hackers idea competition where the hackers and computer enthusiasts are able to submit their ideas of detecting vulnerabilities in DeFi projects. The event offers grey hat hackers to get a chance of implementing their ideas with the support of the Hacken community as legitimate White Hat hackers.
The Hacken community started accepting submissions on January 19th for ideas for the hackathon on the website. As applications started pouring in, someone found an innovative way to submit the application by hacking into the website and posting a message with info about the idea. The message said that the site was hacked and that they considered hacking into the website and submit their idea but they stood a much better chance of winning the contest this way. These applications want to develop a project that uses Artificial Intelligence and Machine Learning to secure the projects built on ETH and Polkadot. They also intend to create a global database of wallets holding illicit funds so that the DEfi solutions are able to combat money laundering.
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