Bittime - Hackers minted 1 billion HLG tokens, causing a 60% drop in value. The Holograph Team investigated and worked with law enforcement to address the $6.7 million exploit. Find details of the incident and its impact on the crypto ecosystem.
Exploiter Effect Prints 1 Billion New Tokens
According to data published by CoinGecko, an exploit that allowed hackers to mint 1 billion HLG tokens resulted in a 60% drop in the Holograph protocol's native token (HLG).
“The team has launched an investigation” and is in the process of contacting law enforcement,” the protocol wrote on its X page. According to the description on its website, the Holograph protocol enables a single contract address across the EVM blockchain, ensuring consistent tokenization, seamless interoperability, and secure cross-chain asset transfer.
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1 Billion HLG Taken by Exploiters
The 1 billion HLG that exploiters took with them is worth more than $6.7 million at current market prices. According to chain data, the ENS wallet acc01ade.eth was involved in the exploit. They are also contributors to the project, according to the Github page. Page X of the same name bills himself as a "shadow super coder" from Paris. CoinDesk's request for comment was not answered by the account.
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Price Reaches Highest Point
Before the hack, the price reached its highest point of around $0.02 on June 6. This method works by burning tokens on the source chain, sending a message to the target blockchain, and then sending the same number of tokens to the same address. This combines liquidity and eliminates slippage.
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Conclusion
The value of the token fell by 60% as a result of the implementation of the Holograph (HLG) protocol, which allowed hackers to create new tokens worth 1 billion. The Holograph Team is conducting an investigation and working with law enforcement to resolve this matter. Acc01ade.eth, the actor responsible for the project, has disappeared after using the protocol worth more than $6.7 million.
Before the hack, HLG price peaked on June 6 at $0.02. By enabling consistent tokenization and secure asset transfer, the Holograph method burns tokens on the source chain and transfers the same amount to the target blockchain, consolidating liquidity and reducing slippage. The protocol also supports EVM cross-blockchain interoperability. This situation shows how weak blockchain protocols are and how important it is to maintain security and oversight in the crypto ecosystem.
How To Buy Crypto With Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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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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