HLG Down Over 60% as Exploiter Mints 1 Billion New Tokens

The team behind the Holograph (HLG) said they have patched the exploit and is working with centralized exchanges to freeze accounts affiliated with the exploiter

AccessTimeIconJun 13, 2024 at 8:53 p.m. UTC
Updated Jun 13, 2024 at 8:55 p.m. UTC
  • The native token of the Holograph protocol is down over 60% after an exploit allowed an attacker to mint 1 billion HLG
  • On-chain data suggests that the wallet acc01ade.eth was involved with the exploit, and a Github page lists an individual with the same handle as a contributor to 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.

"The team has launched an investigation & is in the process of contacting law enforcement," the protocol posted on its X page.

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.

Edited by Stephen Alpher.


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