See More

Tokenization Platform Holograph Hacked for $14.4 Million, HLG Price Plummets 80% in Hours

2 mins
Translated Daria Krasnova
Join our Trading Community on Telegram

In Brief

  • Holograph, a blockchain tokenization platform, was hacked on June 14, resulting in a loss of $14.4 million.
  • The attacker exploited a vulnerability in a smart contract, issuing 1 billion HLG tokens across nine transactions.
  • The hacker's actions caused the price of Holograph's native token, HLG, to plummet by 80% to a low of $0.0029.
  • promo

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

Holograph Hacker Transactions. Source: Etherscan

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.

Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024

Trusted

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 ConditionsPrivacy Policy, and Disclaimers have been updated.

b89964d5d1b8350ba844c260d4714556.jpg
Daria Krasnova
Daria Krasnova is an accomplished editor with over eight years of experience in both traditional finance and crypto industries. She covers a variety of topics, including decentralized finance (DeFi), decentralized physical infrastructure networks (DePIN), and real-world assets (RWA). Before joining BeInCrypto, she served as a writer and editor for prominent traditional finance companies, including the Moscow Stock Exchange, ETF provider FinEx, and Raiffeisen Bank. Her work focused on...
READ FULL BIO
Sponsored
Sponsored