Blockchain tokenization platform Holograph suffered a major hack, resulting in a $14.4 million loss.
The price of Holograph’s native token plummeted by 80% after a hacker exploited a vulnerability in a smart contract and issued 1 billion HLG tokens.
Holograph Tokenization Platform Loses $14.4 Million in Hack
On June 14, an unknown person hacked the smart contract of Holograph, a protocol operator. According to Etherscan, the attacker issued 1 billion HLG tokens over nine transactions, valued at $14.4 million, and sent seven of the nine transfers in batches of 100 million HLG.
Ten minutes after these transactions, the token’s price fell rapidly. Within a few hours, it had collapsed by nearly 80% to a minimum of $0.0029.
Read More: Top 5 Flaws in Crypto Security and How To Avoid Them
According to BeInCrypto data, HLG is trading at $0.00708 at the time of writing. The asset’s market capitalization has decreased to $10.7 million. At current prices, the coins issued by the hacker are worth about $7.1 million. However, four hours after the attack, he converted the tokens into Tether (USDT), allowing him to withdraw much more money.
The affected platform’s team confirmed the hack. The developers noted that they quickly identified and fixed the vulnerability. Additionally, Holograph representatives have begun cooperating with cryptocurrency exchanges to block the hacker’s accounts.
“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,” the team stated.
Read more: 9 Crypto Wallet Security Tips To Safeguard Your Assets
Holograph is a blockchain-based tokenization platform that offers tools and technologies for creating, managing, and transferring real-world asset (RWA) tokens across multiple networks. HLG is the native token of the Holograph ecosystem, which is used to pay commissions and participate in project development votes.
Earlier, the decentralized protocol UwU Lend was hacked twice within three days. The first exploit resulted in a $20 million loss, while the second caused a $3.7 million loss.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
