Altcoin Price Drops 60 Percent Due to $1 Billion Vulnerability

Omnichain project Holograph lost value due to the attack it suffered last night.

According to CoinGecko data, Holograph's HLG token dropped to $0.0029 in the past hours.

1 billion attack

The attacker, who discovered a security vulnerability in Holograph's token, produced 1 billion HLG tokens.

According to blockchain data, one of the names involved in the attack uses the address acc01ade.eth on the Ethereum network. According to the Github page, the same name is among the names that contributed to the development of HLG.

An account on X (formerly Twitter) using the same name introduces itself as a “super shady coder” based in Paris.

The Holograph team announced that the security vulnerability was closed after the attack. Cryptocurrency exchanges were contacted to block addresses suspected of being involved in the attack.

“Our team has initiated an investigation and is currently in talks with law enforcement authorities,” Holograph said.

Token price crashed

Holograph, an omnichain project, uses a single and unique contract address for all Ethereum Virtual Machine (EVM) blockchains, according to the information on its site. This ensures that the contract address remains constant when transferring tokens between different blockchains, that tokens can be transferred without loss of liquidity and that transactions can be made without being tied to a particular blockchain.

According to CoinGecko data, the HLG price dropped by more than 60% following the attack. HLG is trading at $0.0065 at the time of writing.