Holograph protocol token (HLG) drops over 60% after exploit allowed attacker to mint 1 billion HLG

The native token of the Holograph protocol (HLG) was down as much as 60%, according to CoinGecko data, after a malicious actor ran an exploit that allowed them to mint 1 billion HLG tokens.

CoinDesk: Holograph Token Drops 60% After Exploit Mints 1B HLG

ᴊᴜɴᴇ 14, 2024 08:34ᴘᴍ UTC

CoinDesk

The native token of the Holograph protocol (HLG) dropped as much as 60% on Friday after a malicious actor ran an exploit that allowed them to mint 1 billion HLG tokens.

The Holograph Operator contract has been exploited by a malicious actor, enabling the hacker to mint 1 billion additional HLG

The team has patched the initial exploit & is working with exchange partners to lock the malicious accounts

The team has launched an investigation & is in the process of contacting law enforcement. Stay tuned for updates!

— Holograph (@holographxyz) June 13, 2024

The Holograph protocol enables a single contract address across all EVM blockchains, which ensures consistent tokenization, seamless interoperability and secure cross-chain asset transfers, according to a description on its website.

At current market prices, the 1 billion HLG that the exploiter absconded with is worth slightly more than $6.7 million.

On-chain data suggests that the ENS wallet acc01ade.eth was involved in the exploit. A Github page suggests that they are also a contributor to the project.

A X page with the same name describes itself as a “super shadowy coder” based in Paris. The account did not respond to a request for comment by CoinDesk.

News source：https://www.kdj.com/cryptocurrencies-news/articles/holograph-protocol-token-hlg-drops-exploit-allowed-attacker-mint-billion-hlg.html

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