Holograph

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/hacker-breaches-holograph-protocol" data-wpel-link="internal" rel="noopener noreferrer nofollow">Hacker Breaches Holograph Protocol</a><br></p>
<p style="text-align: justify">On June 14, Holograph experienced a significant security breach resulting in the unauthorized minting of 1 billion HLG tokens valued at $14.4 million. The Holograph team promptly confirmed the incident on their official X account and initiated corrective measures. They are collaborating with cryptocurrency exchanges to freeze the hacker’s accounts and working on addressing the breach.</p>
<h2 id="how-did-the-hacker-exploit-holograph">How Did the Hacker Exploit Holograph?</h2>
<p style="text-align: justify">The hacker took advantage of a vulnerability in Holograph’s smart contract, minting 1 billion HLG tokens across nine transactions. Etherscan data indicates the first transaction occurred on June 13 at 12:47 PM. The bulk of these transactions involved batches of 100 million tokens each, causing significant disruption to Holograph’s token economy.</p>
<h2 id="what-was-the-financial-impact">What Was the Financial Impact?</h2>
<p style="text-align: justify">The breach led to an immediate and sharp decline in HLG token value. Within just 10 minutes, the token’s price began to plummet, dropping 79.4% from $0.014 to $0.0029 within nine hours. CoinGecko <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">data shows</a> that HLG’s <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">market</a> capitalization fell from approximately $22 million to $4.8 million. However, a slight recovery was observed as the token value climbed back to $0.008 following the attack.</p>
<p style="text-align: justify">Currently, the 1 billion HLG tokens are worth $7.4 million. The hacker started converting these tokens into <a href="https://en.bitcoinhaber.net/tether-unleashes-enhanced-security-tool-for-stablecoin-recovery" data-wpel-link="internal" rel="noopener noreferrer nofollow">Tether</a> stablecoin around four hours post-attack, further complicating recovery efforts.</p>
<h2 id="key-takeaways">Key Takeaways</h2>
<p style="text-align: justify">Several critical inferences can be drawn from this incident:</p>
<ul style="text-align: justify">
 <li>Smart contract vulnerabilities remain a significant risk in blockchain ecosystems.</li>
 <li>Immediate response and collaboration with exchanges are vital in mitigating the impact of such breaches.</li>
 <li>Monitoring and securing contract addresses can prevent potential attacks.</li>
</ul>
<p style="text-align: justify">Cryptocurrency researcher Matt Casto suggests that the hacker might be a developer with malicious intent, as the operator contract address was funded 26 days prior. Holograph has yet to confirm the identity of the attacker. The platform, which facilitates cross-chain token transfers within the Omnichain ecosystem, is backed by prominent venture capital firms such as Animoca Brands and Mechanism Capital.</p>
<p style="text-align: justify">According to Crystal Intelligence, the crypto industry has seen approximately $19 billion worth of assets stolen since its first major hack in 2011, underscoring the persistent security challenges in the sector.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/hacker-breaches-holograph-protocol" data-wpel-link="internal" rel="noopener noreferrer nofollow">Hacker Breaches Holograph Protocol</a></h5>

Hacker Breaches Holograph Protocol

Table of Contents

BH NEWS

Other articles published on Jun 14, 2024

BlockDAG Gains Popularity After X1 App Launch; Presale Soars by 1120%, NEAR and Ethena Show Robus...

Experts Predict Altcoin Peak in 2025

LayerZero Announces Airdrop Date

High Potential Blockchain Tokens to Keep an Eye on This Year: Bitgert, Polygon, Toncoin, Polkadot

Earn, Stake, and Reach For The Moon With MoonBag Presale As It Soars To The Top As Notcoin And Bi...

The Centralization Of io.net With The Decline In Price

Join our free newsletter for daily crypto updates!