Holograph fell 80% in 9 hours after exploiter mints 1B additional HLG
Blockchain tokenization platform Holograph’s native token fell as much as 79.4% after a malicious actor hacked the protocol’s operator contract and minted 1 billion HLG tokens worth $14.4 million.
Holograph’s X account confirmed the hack on June 14. It revealed that it has since patched up the initial exploit and is working with cryptocurrency exchange partners to freeze the malicious actor’s accounts.
Holograph added that it has launched its own investigation and is contacting law enforcement.
How the HLG exploit happene
The 1 billion HLG tokens were minted across nine transactions by the hacker, taking advantage of a smart contract vulnerability — with the first mint on June 13 at 9:47 am UTC, according to Etherscan.
Seven of them were sent in 100 million batches.
It took only 10 minutes for HLG’s price to start tumbling. Within nine hours, the token fell 79.4% from $0.014 to a local low of $0.0029, while HLG’s market cap fell from nearly $22 million to $4.8 million in that timeframe, according to CoinGecko. HLG has since recovered slightly to $0.008.
The 1 billion HLG tokens are now worth $7.4 million at the current prices, but the hacker had already started converting the minted HLG into stablecoin Tether ( USDT ) about four hours after the first exploit.
Related: CoinGecko confirms email provider data breach, over 23,000 phishing emails sent
Matt Casto, cryptocurrency researcher at venture capital firm CMT Digital believes the hacker was a “rogue dev” who funded Holograph’s operator contract address 26 days ago.
Holograph didn’t immediately respond to Cointelegraph on whether it knows the identity of the hacker.
Holograph is based in the Omnichain ecosystem and enables tokens to move between blockchains while maintaining the same contract address, thus allowing asset issuers to index cross-chain data.
It has received venture capital funding from the likes of Animoca Brands and Mechanism Capital.
Nearly $19 billion in cryptocurrencies have been stolen since the first industry hack was reported in June 2011, a recent Crystal Intelligence report shows.
Magazine: Lazarus Group’s favorite exploit revealed — Crypto hacks analysis
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Trump turns on ‘buddy’ Putin over Ukraine, says he’ll slap Russia with sanctions now
Share link:In this post: Trump warned he may hit Russia with new sanctions after fresh missile attacks on civilians. Trump met with Zelenskyy in Rome and called the meeting productive, but gave no full details. Trump offered a peace deal that includes recognizing Crimea as Russian territory, which Zelenskyy rejected.
Trump’s economic and geopolitical failures took center stage at Pope Francis’ funeral
Share link:In this post: Trump’s economic and diplomatic tensions took over the spotlight at Pope Francis’ funeral. Trump met briefly with Zelenskyy, Macron, and Starmer during the service but made little progress. Trump skipped a second meeting with Zelenskyy and left Rome quickly after the Mass.

Elon Musk and Nobel laureates call for investigation into OpenAI’s nonprofit mission
Share link:In this post: Elon Musk called OpenAI restructuring plan the “scam of the century” after experts oppose it. Legal and AI experts have called on Attorneys General of Delaware and California to OpenAI core mission as a non-profit. Concerns about Open AI deviating from its non-profit origins is not limited to Musk.

Republicans propose shutting down US audit regulator PCAOB
Share link:In this post: Republicans plan to scrap the Public Company Accounting Oversight Board (PCAOB). The agency’s responsibilities could be pushed to the SEC if the lawmakers succeed in shutting it down. Republicans also want to pass a major tax bill that could change the non-profit sector.

Trending news
MoreCrypto prices
More








