Holograph fell 80% in 9 hours after exploiter mints 1B additional HLG

cyptouser1 months agoCryptocurrencies News25
55966e89>

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.

Source: Holograph

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.

HLG’s change in price over the last 24 hours. Source: CoinGecko

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.

Transactions of the hacker minting 1 billion HLG tokens across nine transactions. Source: Etherscan

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

The content on this website comes from the Internet. Due to the inconvenience of proofreading the authenticity and accuracy of the copyright or content of some content, it may be temporarily impossible to confirm the authenticity and accuracy of the copyright or content. For copyright issues or other issues caused by this, please Call or email this site. It will be deleted or changed immediately after verification.

related articles

Gaming PCs to become DePIN contributors with this Web3 platform

Gaming PCs to become DePIN contributors with this Web3 platform

55966e89˃GAIMIN enhances the gaming experience by introducing a monetization platform that efficient...

Bitcoin support for MetaMask in the works? Company says ‘stay tuned’

55966e89˃Wallet application MetaMask is reportedly working to support native Bitcoin (BTC), joining...

Venom-based marketplace Valicit facilitates over 230k Numi Stories ticket sales

Venom blockchain-based decentralized marketplace Valicit has sold over 230,000 tickets wit...

Does wine age better on the blockchain?

1205f261˃In an effort to redefine the world of fine wine investment a new Web3 marketplace aims to u...

Bitcoin traders eye Trump victory as potential market boost – FT

Former President Donald Trump’s potential return to the White House is expected to trigger a signifi...

German gov’t offloads 900 Bitcoin, with 400 BTC sent to Coinbase and Kraken

German gov’t offloads 900 Bitcoin, with 400 BTC sent to Coinbase and Kraken

55966e89˃A “German Government (BKA)” labeled cryptocurrency wallet has sold over $54 million worth o...