Minority Mindset

Smart investments

Crypto News

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

Jun 12, 2024
    The native token of the Holograph protocol is down over 60% after an exploit allowed an attacker to mint 1 billion HLGOn-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.
As an analyst with extensive experience in blockchain security and token economics, I find the recent exploit of the Holograph protocol’s native token (HLG) deeply concerning. With over 60% of its value erased in a single incident, this attack highlights the importance of robust security measures in the decentralized finance (DeFi) space.According to CoinGecko’s data, the native token of the Holograph protocol, HLG, experienced a significant drop of up to 60% following an exploit by a malicious actor. This unfortunate event enabled the creation of approximately one billion new HLG tokens.

The team is currently conducting an examination and intends to reach out to the relevant law enforcement agencies. (or) The team is actively looking into this matter and plans to collaborate with law enforcement officials.

The Holograph protocol allows for a singular contract address that spans all Ethereum Virtual Machine (EVM) blockchains, thereby guaranteeing uniform tokenization, effortless interaction between networks, and secure cross-chain asset transfers, as stated on its website.

With today’s market prices, the stolen 1 billion HLG translates to approximately $6.7 million in value.

According to on-chain information, the ENS wallet identified as acc01ade.eth is implicated in an exploit. Meanwhile, a GitHub page indicates that this wallet is among the contributors to the project.

In Paris resides a mysterious coder, known as “A X,” whose identical titled webpage boasts of being a masterful and enigmatic programmer. Despite CoinDesk’s inquiry, the account has remained silent on this matter.

Read More

2024-06-13 23:56