About $CHERRY – Post Mortem.

Last summer I started to work on my own token, $CHERRY. It was made in collaboration with Roll ( https://tryroll.com ), a platform that is supposed to help creators make and manage their social money and build communities around it.

It was doing pretty well. It has been an amazing experience. I’m in crypto for years, but still, making my own token expanded my networking very fast, and quickly an active community was built around the token. It was listed at 0.04$ back in August and it has reached 10$ last month. But more than the price and market cap growth, what’s been great is how we were able to build an experience that tied together creators and members in having fun, basically.

Unfortunately, and confirming my initial fears when I started this project, having Roll, a company, hold a large % of the supply of my token, posed a security risk. What if they got hacked ? What if they are bad actors and exit scam ? Well, 2 weeks ago, my fears were confirmed and Roll got “hacked”. Someone, apparently someone close to their company, or probably an insider, was able to steal large amounts of tokens Roll was holding in a simple wallet, from more than 10 creators, and sell those tokens. You can read a simple tweet from Roll about it : https://twitter.com/tryrollhq/status/1371179318496354304?s=20 and this tweet : https://twitter.com/FrankResearcher/status/1371039886657085445?s=20

The result for $CHERRY was a 99% price drop affecting me and all the holders, and essentially “killing” the token. My community and I have decided to stop working with Roll as a result. Other creators have also taken that step. We just can’t “trust” someone else with our token anymore. We were already considering making our token ourselves without a company holding it for us, so, that is what we are going to do. The new token is ready.

I have been working on this project 24/7 since last summer. I have lost a lot of money because of that hack. However my drive isn’t affected at all.
We have proven for the past months that we are building something that works, and that is cool. Simple as that. It’s fun, it works, it has a lot of potential, for more fun, for more use cases.

What are the next steps ?

Every $CHERRY holder before the time of the hack will receive the new token 1:1 sometime in the next 2 weeks, maybe earlier than that.
Business as usual about the project, the new token will be better in its supply, tokenomics I’m launching something very cool with 6 other creators I’m sure you guys will love it, ton of content and interaction.

Appreciate the support and all the kind words I have received since the hack, let’s move forward together ❤ 🍒