On June 15, 2024, shocking news came that the token value of the blockchain tokenization platform Holograph plummeted by 79.4%! According to Etherscan, a hacker had used the system to create a full 1 billion HLG tokens, with a value of a staggering $14.4 million!
On June 14, Holograph confirmed the hack through its X account. They claimed that they had successfully resolved the problem and were actively working with cryptocurrency exchanges to freeze the hacker's account. Not only that, they also launched an in-depth investigation and contacted law enforcement agencies.
Sources show that it was because of the hacking of Holograph that 1 billion HLG tokens were created, which caused its price to plummet by 80%. It is reported that the hacker took advantage of the loopholes in the smart contract and completed this amazing move through 9 transactions, 7 of which were 100 million tokens each. The first transaction occurred at 9:47 am UTC on June 13, just as Etherscan showed.
Let's take a look at the recent trading of HLG tokens. Source: Etherscan. Because of this vulnerability, the price of HLG began to fall rapidly. In just 10 minutes, the value of HLG started to fall. In just 9 hours, its price plummeted from $0.014 to a record low of $0.0029. According to CoinGecko data, its market value also plummeted from nearly $22 million to just $4.8 million. Fortunately, HLG later recovered slightly and rose to $0.008.
Focusing on the price changes of HLG in the past 24 hours, the source is CoinGecko. The hacker actually exchanged HLG tokens worth $7.4 million for Tether. According to the current price, 1 billion HLG tokens are now worth $7.4 million. Moreover, about 4 hours after the first attack, the hacker began to exchange the HLG he created for the stablecoin Tether (USDT).
Matt Casto, a cryptocurrency researcher at CMT Digital, boldly speculated that the hacker might be a "rogue developer" because he had provided funds to Holograph's operator contract address 26 days ago. Holograph has not yet confirmed whether they know the hacker's true identity.
Malicious developers appear to be inextricably linked to the Holograph hack. Source: @mcasto. After this major hack, Holograph has significantly strengthened its security. Holograph operates in an all-chain ecosystem, which allows tokens to move freely between blockchains while maintaining the same contract address. Moreover, the platform is backed by venture capital from Animoca Brands and Mechanism Capital.
Currently, Holograph is working hard to fix the vulnerability and try to prevent similar problems from happening again in the future. They are actively working with exchanges and law enforcement agencies to protect user funds and avoid further losses. It has to be said that the Holograph hack is just a microcosm of the security vulnerability problem in the cryptocurrency world. According to a report from Crystal Intelligence, since the first hack in June 2011, nearly $19 billion in cryptocurrency has been stolen!
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