The Holograph protocol’s native token, HLG, has taken a significant hit, plummeting by over 60% due to an exploit that allowed a malicious actor to mint a staggering 1 billion HLG tokens. According to data from CoinGecko, the exploit has caused a major drop in the token’s value.
In response to the exploit, the Holograph protocol team has initiated an investigation and is currently in the process of reaching out to law enforcement authorities. The protocol, which facilitates a single contract address across all EVM blockchains, provides functionalities such as consistent tokenization, seamless interoperability, and secure cross-chain asset transfers, as outlined on its website.
The exploit, which resulted in the minting of 1 billion HLG tokens, translates to a value of approximately $6.7 million based on current market prices. On-chain data points to the involvement of the ENS wallet acc01ade.eth in the exploit. Furthermore, a Github page linked to the same wallet suggests that the individual behind it is also a contributor to the HLG project.
The Github page associated with the wallet acc01ade.eth describes its owner as a “super shadowy coder” located in Paris. Despite attempts to reach out for comments by various sources, including CoinDesk, the account has remained unresponsive.
With the investigation ongoing and the aftermath of the exploit still being felt, the HLG token’s value continues to be volatile. The incident serves as a stark reminder of the risks and vulnerabilities present in the world of cryptocurrency and blockchain technology. Investors and users are urged to exercise caution and remain vigilant in light of such events to protect their assets and investments.
