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

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