Holograph

<p class="is-style-lead">Police in Italy and France have made several arrests in connection with an over $14 million attack on crypto protocol Holograph.</p> 
<p>In a detailed post on X on Aug. 14, the omnichain tokenization platform stated that law enforcement authorities in <a href="https://crypto.news/tag/france/" target="_blank" rel="noreferrer noopener">France</a> and <a href="https://crypto.news/tag/italy/" target="_blank" rel="noreferrer noopener">Italy</a> had made multiple arrests of individuals suspected to have been behind the theft of 1 billion of its native tokens, valued at 13 million euros (about $14.4 million). </p> 
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   <p lang="en" dir="ltr">Holograph Hack Arrests<br><br>After an incredibly intensive two-month pursuit by France's Office for the Prevention of Cybercrime (OFAC), BRI, <a href="https://twitter.com/Europol?ref_src=twsrc%5Etfw" target="_blank" rel="">@Europol</a>, the Italian Directorate of Anti-Mafia Investigations, &amp; <a href="https://twitter.com/Policing_Cayman?ref_src=twsrc%5Etfw" target="_blank" rel="">@Policing_Cayman</a> (RCIPS), we’re grateful to share that multiple arrests have… <a href="https://t.co/4ZF076tLkJ" target="_blank" rel="">pic.twitter.com/4ZF076tLkJ</a></p>— Holograph (@holographxyz) <a href="https://twitter.com/holographxyz/status/1823819392750419984?ref_src=twsrc%5Etfw" target="_blank" rel="">August 14, 2024</a>
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<p>According to the team behind Holograph (<a href="https://crypto.news/price/holograph/">HLG</a>), investigations into the incident were led by the Office for the Prevention of Cybercrime and the Brigade de Répression du Banditisme in France. It also got assistance from Europol, Italy’s Directorate of Anti-Mafia Investigations, and the Cayman Islands police.</p> 
<p>French publication Le Parisien <a href="https://www.leparisien.fr/faits-divers/13-millions-deuros-de-prejudice-soupconnes-davoir-vole-une-plate-forme-de-cryptomonnaie-deux-hommes-bientot-extrades-en-france-14-08-2024-TPUB2OM7ZRG2JLKUVOD3SYSLSI.php" target="_blank" rel="">described</a> the suspects as Eastern Europeans in their 30s, reporting that they had been arrested in Italy and were awaiting extradition to France. It was also said that authorities had seized electronics and frozen funds belonging to the suspects.</p> 
<p>The hack occurred on June 13, with the attackers exploiting Holograph’s operator contract to mint a billion HLG tokens using a proxy wallet.</p> 
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   <p lang="en" dir="ltr">The Holograph Operator contract has been exploited by a malicious actor, enabling the hacker to mint 1 billion additional HLG<br><br>The team has patched the initial exploit &amp; is working with exchange partners to lock the malicious accounts<br><br>The team has launched an investigation &amp; is…</p>— Holograph (@holographxyz) <a href="https://twitter.com/holographxyz/status/1801332482262110301?ref_src=twsrc%5Etfw" target="_blank" rel="">June 13, 2024</a>
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<p>Following the incident, HLG lost more than 80% of its value, dropping to a low of $0.0029. Data from crypto.news <a href="https://crypto.news/price/holograph/" target="_blank" rel="noreferrer noopener">shows</a> that the token has mostly traded below $0.003 since the attack, only briefly hitting $0.049 on July 2, a date that coincided with Holograph’s release of a <a href="https://garnet-tilapia-acb.notion.site/Holograph-Incident-Post-Mortem-b5f1e14da7b2456aa3c3a1bde796daa4" target="_blank" rel="">post-mortem</a> report of the attack. </p> 
<p>At the time of writing, HLG was priced at $0.00231, a 28% increase over the past 24 hours. The token is up almost 60% on the week. </p> 
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  HLG 1-day price chart, June-August 2024 | Source: <a href="https://crypto.news/price/holograph/" target="_blank" rel="noreferrer noopener">crypto.news</a>
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<p>The post-mortem found that a “disgruntled former contractor” of the platform was responsible for the exploit. The contractor allegedly used their administrator access to insert malicious jobs into the platform’s <a href="https://crypto.news/introduction-to-smart-contracts-the-self-executing-contract/" target="_blank" rel="noreferrer noopener">smart contract</a>, which they then executed on June 13.</p> 
<p>Additionally, data from Etherscan showed that the attacker converted the stolen funds into Tether (<a href="https://crypto.news/price/tether/" target="_blank" rel="noreferrer noopener">USDT</a>) only hours after the exploit.</p> 
<p>The platform has since then implemented operational risk controls aimed at preventing such incidents from happening in the future.</p>

Suspects in $14m Holograph hack arrested by EU authorities

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