According to CoinDesk, the Holograph protocol's native token (HLG) has experienced a significant drop in value, falling by as much as 60%. This comes after an exploit allowed a malicious actor to mint 1 billion HLG tokens. The exploit involved the wallet acc01ade.eth, which on-chain data suggests was a part of the incident. A Github page also lists an individual with the same handle as a contributor to HLG.
The Holograph Operator contract was exploited by the malicious actor, enabling them to mint an additional 1 billion HLG tokens. The team behind the Holograph protocol has since patched the initial exploit and is working with exchange partners to lock the malicious accounts. They have also launched an investigation and are in the process of contacting law enforcement.
The Holograph protocol is designed to enable a single contract address across all EVM blockchains. This ensures consistent tokenization, seamless interoperability, and secure cross-chain asset transfers. The 1 billion HLG tokens that the exploiter absconded with are currently worth slightly more than $6.7 million.
Further on-chain data suggests that the ENS wallet acc01ade.eth was involved in the exploit. A Github page suggests that this individual is also a contributor to the project. An X page with the same name describes the individual as a 'super shadowy coder' based in Paris. CoinDesk reached out to the account for comment, but received no response.