🚨💸 $7M LOSS AND 80% DIVE FOR HACKED HLG TOKEN 💸🚨
Holograph, a leading omnichain tokenization platform which recently was part of the BINANCE AIRDROPS, recently experienced a major smart contract exploit, resulting in the loss of 1 billion HLG tokens valued at approximately $7 million. This incident has caused a significant drop in the value of the HLG token.
📉 Token Impact:
Following the exploit, the project’s native HLG token plunged by about 80% within 24 hours after the attack, dropping to as low as $0.0029 before slightly recovering to $0.0068. The tokens had been airdropped to the community in May.
🔍 The Hack:
The platform confirmed on X (formerly Twitter) that its Holograph Operator Contract had been compromised by a malicious actor who minted 1 billion HLG tokens.
Initial Response: The exploit has been patched, and Holograph’s team is working with exchanges to lock compromised accounts. The team has also launched an investigation and is in the process of contacting law enforcement.
Value at Theft: On-chain data indicates the stolen tokens were valued at around $7 million at the time of the incident.
🕵️♂️ Hacker Strategy:
Blockchain security platform Cyvers reported that some of the stolen tokens were swapped for the USDT stablecoin, which the attacker used to acquire 300 ETH. The hacker then distributed the funds to various addresses, including those linked to privacy protocols like Tornado Cash and Railgun.
Current Holdings: On-chain data shows the exploiter’s address still holds about 47.59 ETH, valued at around $167,000 at press time.
📊 Analysis:
Matt Casto, a DeFi researcher at CMT Digital, suggested that the attacker was likely “a rogue dev who funded the address 26 days ago,” noting that the address used to receive the minted supply.
👇 What are your thoughts on the recent Holograph hack?
I guess it shows us that no project is totally save!
