Bittime - Holograph announced recovery measures after suffering a serious cyberattack on June 13, 2024. In the attack, the perpetrator managed to increase the total supply of tokens illegally. So, how does Holograph recover losses due to this cyber attack?
Holograph Cyber Attack Chronology
On the morning of June 13, 2024, Holograph Protocol experienced an illegal attack that caused massive inflation of the HLG token supply. The perpetrator managed to transfer 1 billion HLG to various centralized exchanges and sold it in large quantities.
After Holograph informed the exchanges of this situation, approximately 200 million HLG was successfully frozen and is currently in the process of being recovered through law enforcement procedures.
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Recovery Steps by Holograph
To address the impact of this attack, Holograph has developed a recovery plan. Holograph has started the token destruction process by burning 53,249,975 HLG as a first step.
This process is part of an effort to return the total HLG supply to its original figure, namely 10 billion. There are still 946,750,025 HLGs that need to be destroyed to achieve this target.
Additionally, around 200 million HLG that has been frozen at CEX is in the process of being recovered. These tokens will be destroyed once the recovery process is complete.
Holograph also plans to buy back 800 million HLGs from the open market and destroy them. This step will be carried out in stages to ensure market stability and process efficiency.
Collaboration with Halborn Security
To ensure further security of the protocol, Holograph has collaborated with Halborn Security, a leading security company. Halborn will conduct a thorough analysis of the attacks that occur and provide regular security audits for Holograph Protocol. This collaboration is expected to improve security and prevent similar incidents in the future.
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Holograph: Commitment to Transparency
Holograph is committed to conducting this recovery process with full transparency. Every token destruction transaction will be published and users can verify the transaction details.
Token destruction will be carried out in several stages with varying sizes and times. This is done to ensure a controlled process and in accordance with market conditions.
This recovery plan has been discussed with the Holograph community. Feedback from the community has been invaluable in formulating the most effective strategies to address the impact of these attacks. Holograph also thanked the community for their support for Holograph.
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Also Read:
Holograph Hacked, Hackers Illegally Print 1 Billion HLG Tokens!
Exploiter Effect Prints 1 Billion New Tokens, HLG Drops Over 60%
HLG Falls 60%: 1 Billion Tokens Created by Hackers, Contributor Mystery Revealed!
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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